Lummis says Democrats rejected the Clarity Act, which had granted the Treasury Department authority to combat money laundering through offshore exchanges
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AT A GLANCE
Lummis said the Clarity Act had granted the Treasury Department authority to combat money laundering through offshore exchanges.
Article
U.S. Senator Lummis: Clarity Act rejected by Democrats had authorized the Treasury Department to combat money laundering through offshore exchanges
PANews September 27 reported that U.S. Wyoming Senator Cynthia Lummis posted that Democrats had previously sought to grant the Treasury Department new powers to cut off funding channels for money laundering conducted through Binance and other offshore exchanges, while the Clarity Act she proposed has already granted the Treasury Department the relevant authority. However, she said Democrats voted against the bill during the vote, thereby rejecting the legislative attempt to strengthen oversight of money laundering through offshore crypto exchanges.
U.S. Wyoming Senator Cynthia Lummis posted that Democrats had previously sought to grant the Treasury Department new powers.
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Lummis said these powers were intended to cut off funding channels for money laundering conducted through offshore exchanges such as Binance.
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Lummis said the Clarity Act she proposed had already granted the Treasury Department the relevant authority.
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Lummis said Democrats voted against the bill during the vote, rejecting the relevant legislative attempt.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This report relays Lummis's claim:Clarity Act it concerns the Treasury Department's authority to combat funding channels for money laundering through offshore crypto exchanges, but the bill reportedly did not pass the vote.
Why it matters to readers
If the relevant claims are accurate, the bill's vote outcome could affect the tools available to the United States for regulating money laundering through offshore crypto exchanges.
It concerns whether the government can take measures to block money-laundering funding channels related to crypto exchanges.
Risks and unknowns
The evidence presents only Lummis's one-sided account and does not provide the official text of the bill.
The evidence does not provide specific voting results or other independent verification materials.
The evidence does not explain whether the Treasury Department already has equivalent authority.
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Related concepts
Offshore crypto exchanges
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