Galaxy Warning: "Clarity Act" Will Significantly Expand U.S. Financial Surveillance Powers

BlockBeats News, January 14 — According to Decrypt, Galaxy Research issued a warning that the draft of the “Crypto Market Structure Act” (Clarity Act) currently under review by the Senate Banking Committee will significantly expand the financial monitoring powers of the U.S. Treasury Department. The draft includes provisions that allow freezing transactions without a court order, as well as extended “special measures” authority targeting decentralized finance frontends.

Galaxy Digital Research Director Alex Thorn stated that if these measures become law, they will “represent the largest single expansion of financial surveillance powers since the USA PATRIOT Act of 2001.”