New York Attorney General Opposes CLARITY Act and Calls for Its Review
New York Attorney General Letitia James opposes the CLARITY Act, warning it would limit state law enforcement's ability to combat crypto fraud. She cites a tripling of crypto-related complaints and $500 million in losses in New York over five years. James argues the Act undermines local authority to pursue bad actors and calls on Congress to enact stricter regulations instead. Her proposed framework includes enforcing AML and user verification rules, banning access for foreign companies, prohibiting conversion to dollars for untraceable assets, and requiring platforms to monitor and report suspicious activity. She emphasizes that state and local agencies handle most law enforcement and that the Act would weaken investor protections. The bill is currently in the Senate, with consideration delayed due to other priorities.
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