Binance Faces $6.3 B Hack as U.S. Politicians React Ahead of Election

Binance reported a $6.3 billion theft, the largest in crypto history, with about $3 billion already frozen. The exchange said it would absorb the loss and not hold users liable. President Donald Trump said the administration was investigating and would recover the funds. The incident sparked immediate commentary from both parties: Republican Senator Cynthia Lummis urged passage of the stalled Clarity Act to give firms legal backing to freeze suspicious transactions, while Democratic Rep. Maxine Waters called the hack a wake‑up call for stronger crypto regulation. The CFTC has submitted a regulatory proposal for crypto markets, and the Senate’s failure to pass the Clarity Act over ethics provisions has kept the debate alive as the 2024 election approaches.