The $6.3 billion Binance hack has renewed pressure on Congress to pass crypto market-structure legislation. President Trump said on Friday he was looking into the attack, which Binance co-CEO Richard Teng blamed on a compromised DevOps engineer’s laptop. TRM Labs attributed it to TraderTraitor, a North Korean hacking unit.
The Clarity Act passed the House last year but has stalled in the Senate amid concerns over Trump’s crypto wealth, which is linked to World Liberty Financial and the TRUMP memecoin. Senator Cynthia Lummis argued the bill would have let firms freeze suspicious transactions, while Better Markets’ Amanda Fischer said it would have required stablecoin issuers to freeze assets only under a court order. Solana Policy Institute’s Patrick Wilson cited a provision protecting voluntary, temporary holds.
On Friday, Digital Chamber CEO Cody Carbone sent a letter to House and Senate leadership urging a bill that gives the CFTC authority over crypto exchanges and separates customer and company funds in bankruptcy, before Congress adjourns.
CFTC Chair Michael Selig said on CNBC that Binance is not federally regulated by his agency. On October 5, the CFTC proposed a framework for leveraged retail crypto trading, including a new registration category for exchanges.
Whether the hack breaks the Senate deadlock remains unclear.
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