TechFlow News, June 24: According to The Block, four major U.S. law enforcement organizations—the National District Attorneys Association, the National Association of Assistant U.S. Attorneys, the International Association of Chiefs of Police, and the National Sheriffs’ Association—jointly sent a letter to the Department of Justice and the White House warning that Section 604 of the “Clarity Act” (i.e., the “Blockchain Regulatory Certainty Act”) contains regulatory loopholes. This provision grants a “safe harbor” exemption to non-custodial developers; however, law enforcement agencies contend that it could shield individuals or entities facilitating cryptocurrency transfers, impede investigations and prosecutions of cryptocurrency-related crimes, and weaken the existing anti-money laundering framework.
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