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Senators Strike Deal to Target Crypto Criminals
TL;DR
Key lawmakers have reached a bipartisan deal to enhance law enforcement provisions in the Clarity Act, targeting crypto criminals. The agreement allows prosecutors to pursue Anti-Money Laundering charges against culpable crypto actors.
Key points
- Bipartisan deal reached on the Clarity Act
- Strengthens law enforcement provisions
- Empowers prosecutors for Anti-Money Laundering charges
Mentioned in this story
Chuck GrassleyCynthia LummisWhite House
Key lawmakers have secured a significant compromise to strengthen law enforcement provisions within the Clarity Act, the landmark crypto market structure bill that has been struggling to pass the Senate for months.
The bipartisan agreement has been struck between Senate Judiciary Committee Chair Chuck Grassley and Senator Cynthia Lummis. It aims to strike the right balance between protecting technology and addressing the concerns of law enforcement.
White House official Patrick Witt summarized the current state of Capitol Hill negotiations: "The deals will continue until CLARITY improves."
The much-awaited compromise
Sources close to the negotiations claim that the new deal empowers prosecutors to bring Anti-Money Laundering (AML) charges against "demonstrably culpable crypto actors."
Senator Lummis has noted that the deal secures vital protections for software developers (specifically referencing BRCA and Section 1960 safe harbors) while giving agencies the teeth they need to target bad actors.
"Thank you [Chuck Grassley] for ensuring BRCA/sec 1960 protections for software developers are included in the Clarity Act while giving law enforcement tools they need," Lummis stated. "Clarity Act is the most pro-law enforcement digital asset bill Congress has ever considered. Let’s get this done!"
Growing momentum
The Grassley-Lummis deal is the latest signal that the long-stalled push for a definitive crypto market structure is finally gaining legislative traction.
Late last Friday, the Senate Banking Committee announced plans to "mark up" and vote on the legislation this coming Thursday. If it passes the committee, it will advance to the broader floor for consideration.
The market is heavily pricing in a legislative victory. On Kalshi, a popular regulated prediction market, the odds of a comprehensive Bitcoin and crypto market structure bill passing this year have surged past 75%.
"Panic mode"
The American Bankers Association (ABA) has launched an 11th-hour lobbying blitz to stall or heavily amend the bill.
Major bank group @ABABankers is ramping up their push on lawmakers to change language in the crypto market structure bill ahead of Thursday’s committee vote.
Q&A
What is the Clarity Act and its significance for crypto regulation?
The Clarity Act is a landmark bill aimed at establishing a structured framework for the crypto market, addressing regulatory challenges and law enforcement concerns.
Who are the key senators involved in the bipartisan agreement on crypto law?
Senate Judiciary Committee Chair Chuck Grassley and Senator Cynthia Lummis are the primary lawmakers behind the bipartisan deal to strengthen law enforcement in the Clarity Act.
What new powers will prosecutors gain under the new crypto law deal?
Prosecutors will be empowered to bring Anti-Money Laundering charges against crypto actors deemed demonstrably culpable under the new agreement.
