Blockchain Association Challenges National Sheriffs’ Association Critique of Clarity Act

ME News reported that on Aug. 4 (UTC+8), the U.S. crypto industry group the Blockchain Association sent a letter to Senate Majority Leader John Thune and Minority Leader Chuck Schumer disputing the National Sheriffs’ Association's (NSA) earlier criticism of the Clarity Act. The group said the NSA misread how the bill is designed to regulate decentralized finance (DeFi). Last week, the NSA wrote to Senate leaders arguing the Clarity Act carves out overly broad exemptions for DeFi from anti-money laundering requirements, sanctions compliance, and know-your-customer (KYC) rules, warning the provisions could weaken law enforcement's ability to fight financial crime. The NSA, which represents more than 3,000 sheriffs and 10,000 public safety officials, has helped intensify the debate as the bill heads toward a Senate vote. The Blockchain Association said the legislation does not give the crypto sector a "blanket exemption," contending it places strict obligations on intermediaries while providing law enforcement with tools to combat financial crime. Lindsay Fraser, the association's Chief Policy Officer, said addressing misunderstandings around the bill is critical as the Senate vote nears. (Source: ODAILY)