Lummis Says CLARITY Act Freeze Powers Could Have Softened Binance Hack Losses

Senator Cynthia Lummis points to pending market structure legislation as a potential tool against large-scale exchange breaches. Senator Cynthia Lummis has pointed to a major hack involving Binance as a reason to advance the CLARITY Act. She said the bill's proposed freeze mechanisms might have limited the scale of losses. Reports place the incident's size at either $6 billion or $6.3 billion, depending on the source. The CLARITY Act is a piece of federal legislation aimed at establishing clearer market structure rules for digital assets. It has been moving through Congress as lawmakers attempt to define regulatory jurisdiction between agencies.

Source: TheCoinrise