u.today
Coinbase's CLO, Paul Grewal, has reacted to the recent Clarity Act endorsement from the National Fraternal Order of Police (FOP), a major law enforcement group.
Upon hearing the news about the group endorsing the latest version of the bill, Grewal questioned the Senate's standing on the matter.
Grewal calls Senate to action
Grewal's post came after Eleanor Terrett, an American crypto reporter, shared news about the FOP, one of the law enforcement groups involved in negotiations over the Blockchain Regulatory Certainty Act (BRCA), publicly supporting the latest version of the Clarity bill.
In his statement, Grewal asked whether the Senate stands with the FOP in backing the revised legislation, or against it, urging them to follow suit.
The FOP noted that the updated version of the bill addresses concerns it had previously raised while preserving law enforcement's ability to investigate crypto-related crimes.
While the crypto bill has long been on the table, the revised version appears to be pushing it closer to the finish line as it continues to garner attention from lawmakers.
CLARITY new version sees major backing
FOP National President Patrick Yoes confirmed this in a letter sent to Senate Banking Committee Chairman Tim Scott and Ranking Member Elizabeth Warren, noting that the revised legislation strikes a better balance between encouraging innovation and giving investigators the tools they need to tackle fraud and illicit finance involving digital assets.
Despite the support from one of the largest law enforcement organizations in the country, the CLARITY Act still awaits its final passage as Congress delays approval.