"Senate Banking Committee Republicans rejected claims that the CLARITY Act would weaken investor protections. The bill would clarify SEC and CFTC authority while adding disclosure and anti-evasion rules. Republicans said the proposal addresses sanctions, money laundering, DeFi risks and foreign illicit finance concerns."
"In a May 12 press release, lawmakers pushed back on claims that the proposal would weaken securities law. They argued digital asset securities would remain under Securities and Exchange Commission (SEC) authority, while covered entities would face disclosure obligations, resale restrictions, and anti-evasion compliance requirements."
"The release also presented SEC and Commodity Futures Trading Commission (CFTC) jurisdiction as a central issue, stressing: Americans deserve transparency, fairness, and accountability regardless of the technology involved."
"Illicit finance formed another major part of the rebuttal. Republicans argued the bill would bring digital asset brokers, dealers, and exchanges under Bank Secrecy Act requirements, including anti-money laundering programs,"
Senate Banking Committee Republicans defended the CLARITY Act ahead of a May 14 markup. They rejected claims that the bill would weaken securities law, create loopholes, or ignore illicit finance risks. The bill would clarify SEC and CFTC authority over digital asset securities and require covered entities to meet disclosure obligations, resale restrictions, and anti-evasion compliance requirements. Republicans also framed the measure as an alternative to fragmented oversight. They emphasized illicit finance controls by bringing digital asset brokers, dealers, and exchanges under Bank Secrecy Act requirements, including anti-money laundering programs. They cited sanctions, money laundering, DeFi risks, and foreign illicit finance concerns as key drivers for the proposal.
Read at news.bitcoin.com
Unable to calculate read time
Collection
[
|
...
]