Galaxy Warning: The "Clarity Act" will significantly expand U.S. financial surveillance powers

According to Decrypt, Galaxy Research has 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 surveillance powers of the U.S. Treasury. The draft includes provisions to freeze transactions without a court order, as well as expanded "special measures" authority targeting the front end of decentralized finance.

Alex Thorn, head of research at Galaxy Digital, stated that if these measures become law, it would "represent the largest single expansion of financial surveillance powers since the USA PATRIOT Act in 2001."