Binance Hack Brings CLARITY Act Back Into Focus Sen. Cynthia Lummis (@SenLummis) says the $6.3 billion Binance (@binance) hack shows why the CLARITY Act matters. She argues the bill could give crypto firms legal protection to freeze suspicious transactions when law enforcement intervenes. "The Clarity Act would have given crypto firms legal cover to freeze suspicious transactions the instant law enforcement calls," Lummis noted. "Every minute lost is money gone for good." The hack has intensified calls for stronger federal oversight of crypto exchanges. CFTC Chair Michael Selig (@ChairmanSelig) said offshore platforms lack safeguards found in regulated U.S. financial markets. He argued the incident reinforces the need for the agency's proposed crypto framework.

Binance says it will cover all losses after a record $6.3 billion hack, but it’s a good day to check your own crypto setup. Unlike a credit card, a crypto transaction is hard to reverse if someone gets into your account or wallet. A few basic habits go a long way. 6 ways to keep your crypto safe after the Binance hack: 🔐 Turn on two-factor authentication. 🏦 Don’t leave more on an exchange than you need. 🧊 Keep a little in a hot wallet for trading and move the rest to a cold wallet. A hardware wallet can cost $60 to $250. 🔑 Never share your private key or seed phrase. No real support agent will ask for it. 🧹 Check and revoke old wallet permissions. 🎣 Slow down on links, downloads and DMs. Phishing and fake apps are where a lot of theft starts. Read the full guide: