Senator Cynthia Lummis Pushes $150M Crypto Fraud Fund and Opposes Bankman‑Fried Pardon

U.S. Senator Cynthia Lummis confirmed that the CLARITY Act will allocate a $150 million fund for law‑enforcement agencies to pursue crypto‑related fraud and malicious actors, countering critics who claim the legislation would weaken oversight. She argued the law enhances investigations into developers, node operators and validators. In related enforcement actions, India’s Enforcement Directorate seized more than $20 million in assets tied to a large crypto scam involving fake Coinbase sites.

Coinbase announced the launch of stock and ETF trading on its platform, offering zero‑commission trades, fractional shares and tokenized securities, aiming to diversify revenue beyond volatile crypto markets.

Separately, Lummis and Democrat Senator Ruben Gallego introduced a four‑page Senate resolution urging President Donald Trump not to grant a presidential pardon to Sam Bankman‑Fried, the former FTX founder convicted on multiple fraud charges. The resolution emphasizes that Bankman‑Fried’s crimes defrauded millions of Americans and warns against unethical financial ties involving the President’s family. Both senators are also negotiating a broader federal crypto market‑structure bill that would impose stricter ethical rules on officials handling digital assets.