Law Enforcement, Catholic Groups Send Letters to U.S. Government Warning CLARITY Act Would Create Crypto Crime Loopholes
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Law enforcement groups and Catholic leaders warned Congress that Section 604 of the CLARITY Act would create AML and regulatory loopholes by exempting certain crypto developers and infrastructure providers from money transmitter rules. Such exemptions could weaken tracing and compliance around Bitcoin flows and enable illicit actors to exploit services claiming developer or infrastructure status. The proposal increases regulatory uncertainty and could prompt greater caution from exchanges, custodians and institutional participants concerned about compliance risk.
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