The $6.3 billion hack of Binance, the largest in cryptocurrency history, prompted political reactions ahead of the November 3 US election. The exchange said it would absorb the financial impact of the theft rather than its users and that about $3 billion of the stolen funds had already been frozen. Republican Senator Cynthia Lummis urged passage of the Clarity Act, whose progress has been stalled by ethics provisions, while CFTC Chair Michael Selig highlighted the need for crypto market regulation. Democratic Representative Maxine Waters called for stronger oversight of the industry and criticized the deregulatory agenda pursued by Donald Trump and congressional Republicans. Binance is working with law enforcement, blockchain intelligence firms, token issuers and other exchanges to recover the funds and will publish a detailed technical report.
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