New York AG Leads 17 State Officials Against CLARITY Act
The attorneys general say the bill could weaken state fraud enforcement and investor protections by expanding federal preemption authority.
- A bipartisan group of 17 state attorneys general, led by New York Attorney General Letitia James, urged Senate Banking Committee Chair Tim Scott on Monday to reject the Clarity Act, citing concerns that federal regulators could override state securities enforcement powers.
- Senate Republicans released a revised version of the 600-page legislation on Sunday, seeking the Democratic support required to reach 60 votes amid lingering disputes over ethics, stablecoin rewards, and developer protections.
- James warned that the bill could allow the Securities and Exchange Commission to "preempt state registration authorities," potentially stripping states of their ability to protect "investors and their wallets" from fraud.
- Lawmakers prepare for a procedural vote on Tuesday, with the bill aiming to divide digital asset oversight between the SEC and Commodity Futures Trading Commission despite the opposition.
- Revised text introduces an 18-month "circuit breaker" for stablecoin rewards to address community bank deposit concerns, while disputes over ethics rules regarding President Donald Trump's digital asset interests, including World Liberty Financial, continue to complicate negotiations.
25 Articles
25 Articles
17 State Attorneys General Put the Clarity Act in Their Crosshairs After Senators Release New Version of Crypto Bill
A group of bipartisan state attorneys general is wading into the Clarity Act debate as the Senate prepares for an upcoming procedural vote on the controversial crypto market structure legislation. U.S. Senate Banking Digital Assets Subcommittee Chair Cynthia Lummis (R-WY) released the latest version of the Clarity Act on Sunday, outlining “126 Democrat wins” she […]
Bipartisan group of attorneys general pen letter opposing 'ambiguous' Clarity Act
A bipartisan group of attorneys general sent a letter Monday to Sen. Tim Scott (R-SC), chairman of the Senate banking committee, and ranking member Sen. Elizabeth Warren (D-MA), raising concerns about the “ambiguities” in the Digital Asset Market Clarity Act. The Senate is scheduled to vote on the Clarity Act on Tuesday, which would establish […]
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