Nearly 100 Catholic leaders oppose Clarity Act, warning it may weaken safeguards against illicit finance and human trafficking

Nearly 100 Catholic leaders representing church groups across the United States have sent a letter to Senate Majority Leader John Thune and Democratic Leader Chuck Schumer, opposing certain provisions of the cryptocurrency market structure bill, the "Clarity Act," currently under discussion. They argue that it could weaken regulatory capabilities to combat illegal financial activities related to human trafficking.

The Alliance to End Human Trafficking, supported by Catholic organizations, stated that a specific clause in the bill could make it more difficult for regulators to oversee illicit financial flows linked to human trafficking and other crimes.

The letter states that the Catholic Church has long advocated that economic systems and markets should ultimately serve people, especially the poor, the vulnerable, and those most susceptible to exploitation. The organization stated that while it recognizes the potential of emerging financial technologies and supports responsible innovation, innovation should not come at the expense of human dignity and public accountability.