Law Enforcement: Clarity Act Oversight Gaps Flagged

Four law enforcement organizations warned administration officials that the Clarity Act and its Section 604 (the Blockchain Regulatory Certainty Act) would open gaps in oversight that hinder investigations into illicit activity, while failing to match safeguards used by traditional financial institutions and potentially exempting some crypto participants from KYC/AML reporting requirements; the letter follows weeks of talks involving Congress, the administration and the crypto industry over Bitcoin regulation language.