Hackers stole $6.3 billion from Binance in less than four hours, making it the largest crypto security incident on record and intensifying calls for stronger U.S. exchange safeguards. Senator Cynthia Lummis said the stalled Digital Asset Market CLARITY Act could have given crypto firms legal clarity to freeze suspicious transactions immediately after law-enforcement notice, potentially avoiding delays caused by regulatory uncertainty. Binance coordinated with authorities and froze approximately $3 billion of the affected assets, while withdrawals were halted and the exchange expected to resume them within 48 hours of the reported hack. CFTC Chair Mike Selig backed a federal registration framework, arguing that offshore exchanges lack the cybersecurity safeguards expected in regulated U.S. financial markets. He also highlighted blockchain transparency as a tool for tracing stolen funds, including when privacy tools such as Tornado Cash are used. The incident exceeded the combined value of the previous two largest cited thefts, the $3.5 billion LuBian hack in December 2020 and the $1.4 billion Bybit exploit in February 2025, and was larger than the next nine largest crypto hacks combined, according to the cited industry data. Market stress followed: DeFi total value locked fell 5.3% on Oct. 30 to $83.95 billion, stablecoin supply declined to $296.6 billion, and about $1.5 billion in leveraged positions were liquidated as Bitcoin briefly dropped to $76,400. The House-passed CLARITY Act remains pending in the Senate after a 49-50 procedural vote failure on Sept. 15, leaving its prospects uncertain.