New York AG Letitia James Says "CLARITY Act" Could Weaken States' Ability to Police Crypto Fraud
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New York AG Letitia James warned Congress that the CLARITY Act could preempt state-level crypto oversight by shifting authority to the CFTC, potentially weakening enforcement against fraud. She cited a tripling of consumer complaints and nearly $500M in reported losses over five years, and pushed for stronger AML/KYC, cybersecurity, and platform accountability. The testimony reinforces regulatory and compliance overhang for the broader crypto market.
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According to Odaily Planet Daily, New York Attorney General Letitia James submitted written testimony to the U.S. Congress calling for tougher oversight of cryptocurrency firms and cautioning that pending federal legislation could curb states' capacity to investigate fraud and hold platforms accountable.
James said the Digital Asset Market Clarity Act would override state-level digital-asset rules and shift supervision to the U.S. Commodity Futures Trading Commission (CFTC), a move she argued would dilute state and local law-enforcement tools.
She noted that complaints of cryptocurrency fraud filed with the New York Attorney General's Office have tripled over the past three years. Reported losses have totaled nearly $500 million over the last five years.
James urged crypto platforms to comply with anti-money laundering, know-your-customer and cybersecurity requirements, strengthen surveillance for suspicious activity and market manipulation, and accept financial responsibility when failures to safeguard customers result in fraud.
