Donald Trump · CLARITY Act · US Senate · New York · Republicans · The Block
The letter, sent to Senate Banking Committee Republican Chair Tim Scott and top Democrat Elizabeth Warren
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Among the changes, the latest version gives state attorneys general a role in enforcing conflict-of-interest rules for public officials.
Key facts
- New York Attorney General Letitia James led a group of 17 bipartisan attorneys general urging lawmakers to vote against landmark cryptocurrency legislation, warning that the bill would imperil
- The letter, sent to Senate Banking Committee Republican Chair Tim Scott and top Democrat Elizabeth Warren, comes at a pivotal moment as the full Senate is slated to take an initial procedural vote — This had become a major sticking point among some Democrats given President Donald Trump's vast crypto wealth, which has grown to hundreds of millions of dollars linked to World Liberty Financial
- The revised bill also gives the Treasury secretary authority to impose an 18-month "circuit breaker" on stablecoin rewards if payment stablecoins trigger substantial deposit outflows from community
Summary
New York Attorney General Letitia James led a group of 17 bipartisan attorneys general urging lawmakers to vote against landmark cryptocurrency legislation, warning that the bill would imperil their ability to protect investors from fraud. In a letter on Monday, a day ahead of a key procedural vote in Washington, James and others said that the Clarity Act would "muddy the waters" and make it harder for state prosecutors to go after scams and hold firms that break the law accountable. "As written, the Clarity Act would embolden scammers and potentially strip attorneys general of our authority to protect our states’ investors and their wallets," James said in a statement. The letter, sent to Senate Banking Committee Republican Chair Tim Scott and top Democrat Elizabeth Warren, comes at a pivotal moment as the full Senate is slated to take an initial procedural vote on the Clarity Act on Tuesday.