Fischer Says Proposed CLARITY Act Would Not Have Prevented Binance Hack

Amanda Fischer, Better Markets’ chief operating officer and policy director, argued that the proposed Digital Asset Market Clarity Act would not have prevented the Binance hot-wallet incident, raising questions about how U.S. rules address stolen crypto. “Crypto doesn’t belong in the regulated financial system,” Fischer wrote. She argued that pseudonymous transfers, mixers and round-the-clock trading can make stolen funds easier to move. Binance said its hot wallets were compromised at about 4:05 p.m. ET Oct. 29 (8:05 p.m. UTC), with estimated losses of $6.3 billion in token assets. In an update posted at 3:33 p.m. ET Oct. 30 (7:33 p.m.