CLARITY Act Hearing Live: AI Regulatory Sandbox Amendment Passed, High-Risk Asset Entry into Retirement Accounts Amendment Rejected

robot
Abstract generation in progress

Odaily Planet Daily News: The “Cryptocurrency Market Structure Act” (also known as the CLARITY Act) has begun review by the U.S. Senate Banking Committee, and as of now:

  1. The AI regulatory sandbox amendment proposed by Senator Mike Rounds was passed with 15 votes in favor and 9 against, showing it has won some cross-party support, despite Elizabeth Warren previously urging Democratic senators to vote no.

  2. The amendment proposed by Elizabeth Warren, which aims to “prevent high-risk assets from entering retirement accounts,” was rejected with 11 votes in favor and 13 against.

  3. The amendment proposed by Senator Katie Britt of Alabama, which had previously sought to allow some retirement accounts to invest in pooled investment vehicles, was withdrawn before the vote.

It is reported that one of the most controversial amendments currently comes from Elizabeth Warren and concerns strengthening sanctions enforcement powers against crypto mixers. In her remarks, she mentioned Tornado Cash, a mixing protocol sanctioned by the U.S., saying it has been used to launder more than $7 billion for criminal organizations and North Korean hacking groups, including related funds exceeding $450 million. Warren said the bill does not currently grant the U.S. Treasury sufficient legal authority to isolate or restrict mixer services, which could create loopholes in anti-money laundering oversight. In response, Cynthia Lummis rebutted that the second and third parts of the bill already cover matters related to illegal financial activities.

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pinned