US Catholic leaders slam CLARITY Act’s Section 604 over trafficking concerns
Eighty Catholic leaders and anti-trafficking activists in the US have criticised Section 604 of the CLARITY Act, arguing it would hinder oversight of illicit financial flows and create vulnerabilities for transnational criminal groups.
A group of 80 Catholic leaders and anti-human trafficking activists in the United States has publicly opposed Section 604 of the proposed CLARITY Act, a comprehensive crypto market regulation bill.
According to the group, the provision would complicate efforts to monitor illegal financial activities and introduce exploitable loopholes that transnational criminal organisations could use to move funds undetected.
The criticism adds a new layer of debate around the CLARITY Act, which aims to establish clearer rules for digital asset markets but has drawn pushback from various advocacy groups concerned about privacy, enforcement, and unintended consequences.
Source: ForkLog