Blockchain Association Fires Back at Sheriffs' Claims on CLARITY Act
The Blockchain Association has issued a rebuttal to claims made by the National Sheriffs' Association regarding the Digital Asset Market Clarity Act (CLARITY Act). In a letter sent on August 3, the industry group argued that the sheriffs misread the bill and its implications for law enforcement. The CLARITY Act aims to impose rigorous Bank Secrecy Act and sanctions compliance requirements on digital asset intermediaries.
The Blockchain Association pointed out that the bill explicitly preserves oversight authority for FinCEN and OFAC, which are responsible for enforcing anti-money laundering regulations and economic sanctions. Multiple law enforcement organizations support the bill, including the Fraternal Order of Police and a coalition of 160 former national security officials.
The National Sheriffs' Association had previously raised concerns about potential exemptions for DeFi protocols and software developers in their May 13 letter. However, the Blockchain Association argues that these entities would be exempt only if they do not engage in financial transactions.