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.