Sen. Cynthia Lummis (R-Wyo.) pushed back on Wednesday against Sen. Elizabeth Warren’s (D-Mass.) critique of the Clarity Act, stating that the cryptocurrency legislation has built-in safeguards against illicit finance.
Lummis’ Rebuttal To Warren
In an X post, Lummis pointed to Sec. 201 of the bill text, which extends Bank Secrecy Act and anti-money laundering provisions to digital assets.
Enacted in 1970, the Bank Secrecy Act requires banks and financial institutions to assist government agencies in detecting and preventing financial crimes.
The Republican then highlighted Sec. 303, which grants the Treasury the power to monitor, restrict, or completely ban digital asset transactions connected to foreign jurisdictions if they pose a “money laundering concern.”
