Blockchain Association says CLARITY Act won’t weaken anti-financial crime efforts

The Blockchain Association pushed back against the National Sheriffs’ Association’s claim that the CLARITY Act would weaken efforts to combat financial crime, arguing instead that the bill would strengthen law enforcement’s ability to respond, The Block reported. In a letter sent to Senate Majority Leader John Thune and Senate Minority Leader Chuck Schumer, the U.S. crypto lobbying group said the sheriffs’ association had misunderstood the bill’s regulatory framework for decentralized finance, or DeFi. This week is seen as a critical juncture for the CLARITY Act, as the Senate is set to begin its August recess on Friday and will then turn its focus to the November election schedule, leaving little time to process the bill. Lindsay Fraizer, the Blockchain Association’s chief policy officer, told The Block it was important to correct misconceptions about the legislation as a Senate vote was approaching.