Former U.S. Defense Secretary Calls the CLARITY Act a National Security Bill

ME News reports that on August 10 (UTC+8), former U.S. Secretary of Defense Mark Esper stated that the CLARITY Act is not only a financial services bill but also a national security bill and should be passed as soon as possible. He noted that weak regulatory frameworks for digital assets could create opportunities for North Korea and China to undermine U.S. financial power. Esper added that China is investing in state-led payment systems to evade U.S. regulations and weaken the dollar’s central role; the bill would also expand the U.S. Treasury’s authority under Section 311 of the Patriot Act to take special measures against financial evasion by groups such as North Korea’s Lazarus Group. The U.S. Senate is expected to vote on the bill on September 15, and Senate Majority Leader John Thune has already filed a cloture motion. (Source: ODAILY)