US Senate · CLARITY Act · U.S. · FBI · CoinDesk
A bipartisan coalition of 17 state attorneys generals urge Senate to reject Clarity Act
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A bipartisan group of state attorneys general called on the U.S. Senate to protect states' ability to police crypto in the Digital Asset Market Clarity Act in a new letter Monday, and the state officials urged lawmakers to vote no on the bill without any changes.
Key facts
- The letter cited the FBI's finding that $11.4 billion had been stolen from investors last year through crypto
- The letter, signed by 18 attorneys general from states and the District of Columbia, expressed concerns that if the Clarity Act were to pass, it would restrict states from bringing lawsuits
- As it stands, the Clarity Act would let the U.S. Securities and Exchange Commission preempt state authority through the "qualified transaction" definition, the letter said
- The letter was signed by the lead prosecutors from New York, Arizona, Connecticut, California, Kansas, Ohio and a dozen other states
Summary
A bipartisan group of state attorneys general called on the U.S. The letter, signed by 18 attorneys general from states and the District of Columbia, expressed concerns that if the Clarity Act were to pass, it would restrict states from bringing lawsuits against online scams under their existing securities and commodities authorities. "We write to urge the Senate to expressly preserve the police powers of the states and ensure that the states remain armed with the tools necessary to protect the American people from predatory scammers," the letter said. The letter cited the FBI's finding that $11.4 billion had been stolen from investors last year through crypto.