Lummis Claims CLARITY Act Provides Legal Tools for Binance Theft Case

U.S. Senator Cynthia Lummis stated that the Digital Asset Market CLARITY Act designates Binance as a digital asset service provider, retaining the effectiveness of existing financial and sanctions laws, which could provide more effective legal tools to address the Binance theft case and expedite action. In response to comments from Better Markets policy director Amanda Fischer, Lummis pointed out that the bill cannot prevent theft and that freezing assets requires a court order, holding the opposing party responsible for voting against it. The bill has passed the House of Representatives but was not approved by the Senate on September 15, with a vote result of 49 to 50, and is currently on hold.