U.S. Senator Cynthia Lummis said in a post on X that Democrats had previously asked for new Treasury Department authority to cut off money flows tied to laundering through offshore exchanges such as Binance. According to Lummis, the Clarity Act she proposed already included that authority. She said Democrats then voted against the bill, blocking what she described as a legislative effort to strengthen oversight of money laundering involving offshore crypto exchanges. The remarks framed the failed vote as a rejection of tools that, in her view, would have allowed the Treasury to act against illicit funds moving through offshore platforms.
U.S. Senator Cynthia Lummis said in a post on X that Democrats had previously sought new authority for the Treasury Department to cut off funding channels used for money laundering through offshore exchanges such as Binance.
Lummis said the Clarity Act she proposed had already granted the Treasury that power. She added that Democrats voted against the bill, defeating what she described as a legislative attempt to strengthen oversight of money laundering activity involving offshore crypto exchanges.
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