Police back Clarity Act, easing crypto crime investigation concerns

The National Fraternal Order of Police said it would support the latest version of the Clarity Act, reversing earlier opposition. The group had worried the bill's initial language would hinder law enforcement's ability to investigate crypto crimes. The revised Blockchain Regulatory Certainty Act addresses those concerns, the order said in a statement.

The Clarity Act would divide oversight of digital assets between the SEC and the CFTC and exempt certain blockchain developers from securities registration. The endorsement from the largest police union gives the legislation a stronger base of support as it moves toward Senate consideration. The Senate Banking Committee has not yet scheduled a vote on the bill.