18 U.S. Attorneys General Urge Rejection of 'Clarity Act' Over Concerns About Weakening Crypto Fraud Response

Attorneys General from 18 U.S. states, including New York State Attorney General Letitia James, have called on Congress to block the proposed 'Clarity Act,' a bill aimed at restructuring the cryptocurrency market.

The group warned that the legislation could undermine state-level efforts to address fraud in virtual asset markets, arguing it would restrict states' ability to investigate and enforce laws against illegal activities in the crypto space.

They emphasized that as federal regulations for virtual assets are developed, existing state consumer protection and fraud response authorities must be maintained.