The national fraternal order became the latest organization to throw its support behind the long-awaited Clarity Act.
In a statement Friday, specifically addressed to Democratic senators Elizabeth Warren and Timothy Eugene Scott, the fraternal organization wrote that it endorsed the latest bill. FOP works to improve working conditions for law enforcement agencies.
The latest draft bans government officials and their families from issuing or promoting crypto, something opposition lawmakers previously took issue with. On Wednesday, Senator Warren, a longtime crypto critic, said the latest bill would allow President Donald Trump to monetize crypto as well as benefit criminals.
“The latest version of the ‘Clarity Act’ contains several provisions that improve the ability of state and local law enforcement to protect consumers, investigate financial crime and coordinate with their federal partners,” the letter read.
“The revised bill establishes safeguards aimed at addressing fraud and victimization involving digital asset kiosks and related activities, while ensuring anti-money laundering and sanctions compliance across the digital asset ecosystem.”
US lawmakers are currently considering the latest draft of the Clarity Act – a crypto market structure bill aimed at putting a damper on the regulation of digital assets.
More support for the bill
Top crypto advocacy groups, the Crypto Council for Innovation, the Blockchain Association and the Digital Chamber, also endorsed the latest draft of the Clarity Act on Friday.
The industry associations said passing the bill is necessary to establish the “first comprehensive federal consumer protection framework for digital asset markets” as more Americans begin using and investing in crypto.
The Clarity Act, which Republicans passed last year, has been stalled, primarily because bank executives raised concerns about stablecoins and the dividends they would potentially pay customers.
America’s largest crypto exchange, Coinbase, pulled support for the bill in January after clashing with bank executives who said it should be banned from earning returns on stablecoins.
US banks have said they may lose customers if crypto exchanges offer more attractive products to their depositor base.
A new bill has circulated this week, and it is expected that it will go to the floor for a vote.
The latest draft bans government officials and their families from issuing or promoting crypto — a sore spot for Democratic politicians who have argued that President Donald Trump’s family has unfairly benefited from crypto ventures.
President Trump campaigned on a ticket to help the crypto space, but his digital assets have raised eyebrows among Washington lawmakers who believe the Trump family has unfairly profited from crypto companies.