Senator Lummis Claims CLARITY Act Could Have Regulated an exchange

On October 31, according to reports from platform X, U.S. Senator Cynthia Lummis stated that the ongoing dispute regarding the an exchange theft case could have been addressed by the Digital Asset Market CLARITY Act, which would classify an exchange as a "covered entity" under digital asset service providers. The act's provisions would maintain the existing financial and sanctions legal effectiveness, potentially providing responders with better tools and faster actions. Amanda Fischer, policy director at Better Markets, previously stated that the act would not have prevented the theft, and that freezing assets requires a court order. Lummis responded, saying, "Your party voted against it and must take responsibility for that." The act has passed the House of Representatives but was blocked in the Senate on September 15 with a procedural vote of 49 to 50, and is currently on hold.