The CLARITY Act could have brought Binance under regulation, Senator Cynthia Lummis responds to criticism amid controversy

Odaily reports: U.S. Senator Cynthia Lummis stated that the Digital Asset Market CLARITY Act would classify Binance as a "covered entity" under the category of digital asset service providers, and its savings clause preserves existing financial and sanctions laws, meaning the bill could have provided better tools and accelerated action in response to the Binance hack case. In response to Better Markets policy director Amanda Fischer's claim that the bill could not have prevented the hack and that freezing assets would require a court order, Lummis replied that the opposing party voted against it and must be held accountable. The bill has passed the House of Representatives, but a Senate procedural vote on September 15 failed 49 to 50, and it is currently stalled.