New York AG Warns CLARITY Act Would Weaken State Crypto Enforcement

According to New York Attorney General Letitia James, on Monday she submitted written testimony to the Senate Permanent Subcommittee on Investigations warning that the proposed Digital Asset Market Clarity Act would weaken states' ability to enforce crypto regulations. James argued the legislation would override state oversight and shift regulatory authority to the Commodity Futures Trading Commission, undermining state and local enforcement efforts. The attorney general cited that complaints about crypto scams received by her office have tripled over the past three years, with reported losses totaling nearly $500 million over five years.
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