A bipartisan group of 18 attorneys general is urging Congress to reject a major cryptocurrency bill, warning that it could make it harder for states to pursue crypto fraud and protect investors. New York Attorney General Letitia James is leading the coalition opposing the Digital Asset Market Clarity Act, commonly known as the CLARITY Act.
In a September 14 letter to Senate Banking Committee Chairman Tim Scott and Ranking Member Elizabeth Warren, the attorneys general argued that the legislation, as currently written, could weaken state enforcement authority and give the Securities and Exchange Commission significant new power to preempt state securities registration requirements.
