The National Fraternal Order of Police has become the latest organization to support the long-awaited Clarification Act.
In a statement on Friday, addressed directly to Democratic Senators Elizabeth Warren and Timothy Eugene Scott, the fraternity wrote that it endorsed the latest bill. The FOP works to improve the working conditions of law enforcement officers.
The latest draft bans officials and their families from issuing or marketing crypto, something that opposition lawmakers previously took issue with. On Wednesday, Senator Warren, a long-time crypto critic, said the latest bill would allow President Donald Trump to monetize crypto, as well as benefit criminals.
“The latest version of the ‘Clarity Act’ includes several provisions that enhance the ability of state and local law enforcement to protect consumers, investigate financial crimes, and coordinate with federal partners,” the letter reads.
“The revised bill establishes safeguards aimed at addressing fraud and abuse involving digital asset warehouses and related activities while also providing anti-money laundering and sanctions compliance obligations across the digital asset system.”
US lawmakers are currently busy with the latest draft of the Clarity Act – a crypto market structure bill that aims to set up the regulation of digital assets.
More support for the bill
Top crypto advocacy groups Crypto Council for Innovation, Blockchain Association, and Digital Chamber also supported the latest draft of the Clarification Act on Friday.
Trade organizations said passing the bill is necessary to establish “the first comprehensive consumer protection framework for digital asset markets” as more Americans begin to use and invest in crypto.
The Clarity Act, which was passed by the Republicans last year, has been in critical condition mainly because bank executives have expressed concern about stablecoins and the yields they may pay customers.
America’s largest crypto exchange, Coinbase, pulled support for the bill in January after clashing with bank chiefs who said earning a yield on stablecoins should be banned.
US banks have said they could lose customers if crypto exchanges offer attractive products for their deposits.
The new bill is circulating this week and is expected to be voted down.
The latest draft prohibits officials and their families from issuing or marketing crypto — a sore point for Democratic politicians who have argued that President Donald Trump’s family has profited improperly from crypto ventures.
President Trump campaigned on a ticket to help the crypto space but his digital asset business has raised eyebrows among Washington lawmakers who think the Trump family has profited unfairly from crypto businesses.
