US Senate · CLARITY Act · Decrypt
The BRCA has recently come under fire from law enforcement groups with similar concerns
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But it is not the sole obstacle currently standing in the way of the Clarity Act’s passage.
Key facts
- The crypto industry’s long-coveted Clarity Act has attracted plenty of opponents in recent months, among them Wall Street leaders, consumer advocates, law enforcement groups, and Native American
- The group specifically called out a section of the Clarity Act dubbed the Blockchain Regulatory Certainty Act ( BRCA ), which would exempt developers of decentralized crypto software from criminal
- Catholic social teaching calls us to uphold solidarity, protect the vulnerable, and ensure that economic systems are ordered toward justice rather than exploitation,” 82 Catholic leaders wrote
- The religious leaders were brought together by the Alliance to End Human Trafficking, a faith-based nationwide network
Summary
Catholic leaders urged the Senate to oppose a portion of the Clarity Act, warning it could enable human trafficking and other illicit finance. Protections for decentralized software developers could shield tools used for money laundering, the leaders said. The Clarity Act is facing opposition from multiple directions as boosters seek to pass it in the coming weeks. The crypto industry’s long-coveted Clarity Act has attracted plenty of opponents in recent months, among them Wall Street leaders, consumer advocates, law enforcement groups, and Native American tribes. In a letter sent Tuesday to Senate leaders in both parties, a coalition of Catholic leaders and organizations warned that the legislation—which would legalize most crypto activity in the United States—could violate Christian beliefs by enabling the funding of human trafficking.