"As Congress considers crypto market structure legislation, it must protect Americans by closing known illicit finance vulnerabilities in our own system and lay the foundation for pressing other countries to do the same. It must avoid creating new carveouts that can be exploited by sanctions evaders, terrorists, cartels, child abusers, and other criminals."
Senate Banking Committee Democrats criticized the CLARITY Act during bill markup, warning that it could leave major illicit finance vulnerabilities in place. Minority staff argued the legislation must close known weaknesses in the U.S. system and avoid new carveouts that criminals could exploit, including sanctions evaders, terrorists, cartels, and child abusers. The criticism cited alleged gaps involving DeFi exemptions, a Tornado Cash loophole, and a stablecoin sanctions gap. Lawmakers considered a revised 309-page draft with more than 130 amendments, including 44 submitted by Sen. Elizabeth Warren. The draft included a stablecoin compromise and added housing language, aiming to build support for a potential summer floor vote.
Read at news.bitcoin.com
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