New York Attorney General Leads 17 States in Opposing CLARITY Act

Odaily News: New York Attorney General Letitia James has joined attorneys general from 17 states, including Arizona and California, as well as the District of Columbia, in sending a letter to U.S. Senate Banking Committee Chairman Tim Scott and Ranking Member Elizabeth Warren, formally opposing the Digital Asset Market Clarity Act (Clarity Act).

The coalition warns that the bill would weaken states' enforcement authority to combat cryptocurrency fraud and grant the SEC unilateral power to override state registration agencies, potentially undermining the existing state securities regulatory framework. FBI data shows that cryptocurrency-related complaint losses reached $11.4 billion in 2025, up 22% year-over-year; New York State has reported nearly $500 million in crypto fraud losses over the past five years.