Fraternal Order of Police Withdraws Opposition to CLARITY Act — Major Hurdle Cleared
The National Fraternal Order of Police (FOP) officially withdrew its opposition to the CLARITY Act, removing a significant obstacle to the bill's progress. The law enforcement group confirmed in a letter to the Senate Banking Committee that it is satisfied with safeguards incorporated into the revised proposal. Additionally, three leading digital asset trade groups — Blockchain Association, Crypto Council for Innovation, and The Digital Chamber — sent a joint letter urging Senate leadership to bring the bill to a vote. The coalition emphasized that the CLARITY Act would establish the first comprehensive federal consumer protection framework for crypto, grant the CFTC clear regulatory authority over digital commodities spot markets, and mandate asset segregation, minimum capital requirements, and standardized disclosure rules.
Risk reminder: While the FOP's withdrawal removes a major hurdle, the bill still faces a tight timeline before the August recess and unresolved Democratic opposition over enforcement authority.
