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Police union backs Clarity Act draft aimed at tightening crypto oversight
The National Fraternal Order of Police said it supports the latest draft, which would bar officials and their families from issuing or promoting crypto while lawmakers debate stablecoin rules.
Bitcoin Magazine reports the National Fraternal Order of Police has thrown its support behind the latest draft of the Clarity Act, a crypto market structure bill focused on setting federal rules for digital asset regulation.
In a statement addressed to Democratic senators Elizabeth Warren and Timothy Eugene Scott, the FOP said it approved of the bill and highlighted provisions it said would improve law enforcement’s ability to protect consumers and investigate financial crimes, as well as coordinate with federal partners.
The newest draft would ban officials and their families from issuing or promoting crypto, a measure that opposition lawmakers had previously challenged. The Clarity Act has also been stuck in a deadlock that, according to the report, involved banking chiefs raising concerns about stablecoins and the yield they might pay customers.
The report adds that major crypto advocacy groups, including the Crypto Council for Innovation, Blockchain Association, and the Digital Chamber, also backed the latest draft, arguing passage is needed for a comprehensive federal consumer protection framework for digital asset markets. It also notes Coinbase pulled support in January after disputes with banking chiefs over whether exchanges should be allowed to offer yield on stablecoins, and that banks warned they could lose customers if crypto products become more attractive.
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