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TRUMP Cryptocurrency Regulation and U.S. Policy News
A bipartisan group of 17 state attorneys general is calling on the Senate to block the CLARITY Act. This is a comprehensive crypto market structure bill, scheduled for a procedural full house vote on September 16. New York Attorney General Letitia James led the operation, and attorneys general from California, Illinois, Arizona, Kansas, Ohio and Wisconsin also signed the joint letter.
The letter was sent to Senate Banking Committee Chairman Tim Scott and senior Democrat Elizabeth Warren on September 14. It was just one day before the Senate held a vote on closing debate, a step that required 60 votes to move the legislative process forward. As part of an effort to reach that threshold, Senate Republicans released a revised version of the bill on September 13.
James and his co-sponsors believe the bill will make it more difficult for state prosecutors to pursue fraud cases and hold companies accountable. Their main objection is a provision that would allow the Securities and Exchange Commission to override state securities registration systems. They described this as an "unprecedented delegation of authority" that could undermine existing state regulatory frameworks.
"As currently worded, the Clarification Act will embolden fraudsters and potentially deprive our attorney general of the ability to protect our state's investors and their assets," James said. The group also warned that vague language in the bill could trigger legal challenges to future state enforcement powers. James has raised similar objections in previous legislative discussions, calling for stronger anti-money laundering (AML) rules and stricter ethics provisions.
Final changes before Senate vote
Senate Republicans have added several new provisions to the revised bill in an effort to win support from Democrats. One of the changes is the transfer of enforcement authority for public officials 'conflict of interest rules from the Justice Department to state attorneys general. The adjustment stems from Democrats 'concerns about President Donald Trump's cryptocurrency holdings, including assets linked to World Liberty Financial and his official Trump memein, whose value has increased to hundreds of millions of dollars.
The bill also introduces a mechanism that gives the Treasury Secretary the power to suspend stablecoin incentive payments for 18 months if stablecoin payments cause a large loss of community bank deposits. The clause is positioned as a temporary safety barrier for small financial institutions from large-scale capital flows.
Related topic: Crypto executives say that imperfect CLARITY Act is better than indefinite delay
State enforcement powers become the focus of debate
Other changes in the revised bill narrowed the fund transfer registration requirements for certain software developers. The amendments also add civil safe harbor provisions, introduce guardrails for connected transactions under the Board of Agriculture, and clarify how state consumer protection laws apply to digital assets.
James and other signatories said the adjustments did not address their core concerns. They believe that the SEC's pre-emptive clause alone is enough reason to oppose the bill. "I join my attorneys general colleagues in urging Congress not to pass the Clarity Act," James wrote.
