Fraternal Order of Police Endorses Revised Crypto CLARITY Act

The Fraternal Order of Police (FOP), representing over 382,000 active and retired law enforcement officers, has endorsed the revised Digital Asset Market Clarity Act.

In a July 24 letter to Senate Banking Committee Chairman Tim Scott and ranking member Elizabeth Warren, FOP National President Patrick Yoes stated that the organization's concerns had been 'satisfactorily addressed' in the revisions.

The endorsement reverses the FOP's earlier position, which was announced in an April opposition letter. The group expressed concerns about language involving noncontrolling blockchain developers potentially restricting prosecutors' ability to pursue financial crimes involving cryptocurrency.

The revised bill would protect digital asset companies and stablecoin issuers from liability when they voluntarily delay suspicious transactions or act at law enforcement's request.