Ex-US defense secretary calls CLARITY Act a ‘national security bill’
Former US Defense Secretary Mark Esper says the CLARITY Act is not merely a financial services bill, its a national security one.
Former US Defense Secretary Mark Esper has described the CLARITY Act as "not merely a financial services bill, but a national security one." In a recent op-ed published in the Financial Times, Esper warned that weak digital asset regulations create opportunities for North Korea and China to undermine American financial dominance.
The former Secretary of Defense highlighted China's growing investments in state-directed payment systems designed to circumvent American oversight and diminish the U.S. dollar's leading position. Esper, who is also a member of the Coinbase Global Advisory Council, emphasized that the CLARITY Act would provide the U.S. with enhanced tools to eliminate crypto-specific loopholes exploited by North Korean entities like the Lazarus Group to avoid U.S. financial controls.
The Senate is set to vote on the CLARITY Act on September 15, with Senate Majority Leader John Thune having recently filed cloture to bring the bill to the Senate floor for consideration. Esper stressed that the CLARITY Act is crucial, not just as a financial services bill, but as a national security measure that should be passed with urgency.
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