US Senator Cynthia Lummis announced that the CLARITY Act would direct $150 million to law enforcement to combat crypto fraud, targeting the Financial Crimes Enforcement Network (FinCEN) for expanded anti-money laundering programs, suspicious activity reporting, and blockchain analytics. The funding arrives as crypto-related losses hit record levels, with Americans losing $9.3 billion in 2024, including $5 billion from victims over 60. The bill also tightens rules on digital asset kiosks, which saw over $65 million in losses in H1 2024, with seniors bearing 71% of that total. Providers would gain a safe harbor to pause suspicious transactions at law enforcement request. The House passed the CLARITY Act in July 2025, and the Senate Banking Committee advanced it in May 2026. Critics like Senator Elizabeth Warren warn of potential loopholes. The bill now awaits a full Senate vote, possibly in June.

Key facts

• CLARITY Act directs $150 million to FinCEN for tracking crypto scammers.
• Crypto-related fraud losses hit $9.3 billion in 2024, with seniors losing $5 billion.
• Bitcoin ATM losses exceeded $65 million in H1 2024; seniors bore 71% of losses.
• House passed CLARITY Act July 2025; Senate Banking Committee advanced it May 2026.
• Critics warn of potential gaps in illicit finance oversight.