The Senate’s failure to advance the CLARITY Act has left existing customer identification, anti-money laundering, sanctions, and suspicious activity reporting requirements unchanged for covered U.S. crypto businesses.
Summary
- The failed Senate vote has not altered existing Bank Secrecy Act obligations for covered crypto companies.
- Sponsor banks expect identity, wallet, and transaction controls to remain connected throughout the customer relationship.
- Self-custodial wallet users can be verified at access points without placing personal information on-chain.
- AI agents require limited, revocable authority tied to an identifiable person or company.
