CLARITY Act Latest Update: Tillis Adds Fresh Problem, Coinbase Fires Back And Expert Calls Bill Dead
The post CLARITY Act Latest Update: Tillis Adds Fresh Problem, Coinbase Fires Back And Expert Calls Bill Dead appeared first on Coinpedia Fintech News The Clarity Act was supposed to be heading toward a May markup with momentum behind it. Instead it spent the past 48 hours collecting new problems like a bill that has started to wonder if it actually wants to become law. The latest arrived Tuesday when Senator Thom Tillis flagged concerns from law enforcement groups about a specific provision in the legislation. However, senator Cynthia Lummis reacted to the news and said, “This isn‘t a big new hurdle, and is something I’m working on now. I am committed to keeping protections for non-money transmitting developers safe without tying law enforcements hands to hold bad actors accountable.” Coinbases CLO Came Out Swinging Coinbase chief legal officer Paul Grewal did not wait for the dust to settle. He published a detailed thread pushing back on the entire premise that the Clarity Act weakens law enforcement, calling the suggestion flat wrong and backing it up with specifics. Here is what Grewal says the bill actually does for law enforcement:Expands Bank Secrecy Act coverage to digital asset brokers and exchanges, including full AML and sanctions complianceEnhances