Congress Must Stand With Law Enforcement And Fix Dangerous Gap In Crypto Bill — Before It’s Too Late

This week, Americans honor the men and women who put on a badge and run toward danger so the rest of us can live safely. Law Enforcement Appreciation Week is a moment to reflect on what we owe the officers, agents, and prosecutors who do this work every day. The best tribute Congress could pay them right now is not a resolution or a ceremony. It is fixing a dangerous gap in the CLARITY Act before it becomes law by ensuring crypto platforms and their intermediaries are held to the same Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) requirements that other financial institutions already must comply with.

To be clear, I support the purpose of the Act and have been an ardent advocate for broader and less encumbered Crypto adoption over the last decade and a half. And while this bill does affirm and require certain compliance with the Bank Secrecy Act for platforms and others moving money in the crypto space—which is a positive step forward—it still lacks other critically needed safeguards and creates a false sense of security that criminals can leverage. (EXCLUSIVE: New Conservative Campaign Demands Senate Buck Big Banks In Crypto Spat)

Throughout my time as Utah’s Attorney General, I repeatedly fought to protect the crypto industry from regulatory overreach and other threats. In one case, I led an........

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