The National Fraternal Order of Police has become the latest organization to lend its support to the long-awaited Clarity Act.
In a statement Friday, directed specifically at Democratic Senators Elizabeth Warren and Timothy Eugene Scott, the fraternal organization books It approved the latest draft law. The FOP works to improve the working conditions of law enforcement personnel.
The latest draft prohibits officials and their families from issuing or promoting cryptocurrencies, something opposition lawmakers have previously faced. On Wednesday, Senator Warren, a longtime critic of cryptocurrencies, said, He said The latest bill would allow President Donald Trump to make money from cryptocurrencies, as well as benefit criminals.
“The latest version of the Clarity Act includes several provisions that improve the ability of state and local law enforcement to protect consumers, investigate financial crimes, and coordinate with their federal partners,” the letter said.
“The amended bill establishes safeguards aimed at addressing fraud and abuse involving digital asset kiosks and related activities while providing anti-money laundering and sanctions compliance obligations across the digital asset ecosystem.”
US lawmakers are currently considering the latest draft of the Clarity Act – a draft cryptocurrency market structure bill that aims to establish regulatory rules for digital assets.
More support for the bill
Top cryptocurrency advocacy groups, such as the Cryptocurrency Innovation Council, the Blockchain Association, and the Digital Chamber, also lent their support to the latest draft of the Clarity Act on Friday.
Trade associations He said Passing the bill is necessary to create “the first comprehensive federal consumer protection framework for digital asset markets” as more Americans begin using and investing in cryptocurrencies.
The Clarity Act, passed by Republicans last year, has deadlocked mainly because of bank chiefs Raised concerns on stablecoins and the return they are likely to pay to clients.
Coinbase, America’s largest cryptocurrency exchange, withdrew its support for the bill in January after a dispute with bank bosses who said yielding on stablecoins should be banned.
US banks said they could lose customers if cryptocurrency exchanges offer more attractive products to their deposit base.
A new bill was circulated this week and is expected to be voted on.
The latest project prohibits officials and their families from issuing or promoting cryptocurrencies — a sore point for Democratic politicians who have argued that President Donald Trump’s family has unfairly benefited from cryptocurrency projects.
President Trump campaigned on a ticket to help the cryptocurrency space, but his ventures into digital assets have raised eyebrows among lawmakers in Washington who believe the Trump family has unfairly benefited from cryptocurrency companies.
