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FollowingNew York Attorney General Letitia James unites 17 state attorneys general to oppose the Digital Asset Market Clarity Act.
On September 14, New York Attorney General Letitia James led a bipartisan coalition of 17 other state attorneys general to formally oppose the Digital Asset Market Clarity Act. They warned that the bill would strip states of the power to regulate cryptocurrency fraud.
In a letter from the coalition to Senate Banking Committee Chairman Tim Scott and Senior Member Senator Elizabeth Warren, parties noted that the measure would give the Securities and Exchange Commission broad powers to pre-empt states 'registered jurisdiction.
Concerns about "Preemption"
These attorneys general have warned that as currently drafted, the Clarification Act will prevent states from becoming the first line of defense against the so-called escalating cryptocurrency fraud epidemic. The letter pointed out that the authority given by the bill to the SEC is not limited to digital assets, but would also broadly allow the agency to reset federal pre-occupied areas and potentially disrupt the existing state securities regulatory system.
James said: "As it stands, the Clarification Act will embolden scammers and potentially deprive us of the power to protect our state's investors and their wallets. I join my attorneys general colleagues in urging Congress not to pass the Clarification Act."
Using fraud loss data as a basis for warning
To support its warnings, the alliance listed a series of data points. The FBI reported that economic losses caused by cryptocurrency-related complaints in 2025 reached $11.4 billion, a 22% increase from the previous year, with an average single loss of $62,604. Statistics from the U.S. Federal Trade Commission (FTC) show that losses related to cryptocurrencies in 2025 will be US$1.78 billion, an increase of 25.6%. The New York State Office said the number of complaints about cryptocurrency fraud has tripled in the past three years, with nearly $500 million in reported losses in five years.
Concerns about a regulatory vacuum are growing as federal regulators such as the Commodity Futures Trading Commission (CFTC) prepare to create alternate rules amid legislative stagnation.
Senate vote is imminent, opposition rises
The coalition landscape surrounding the bill is changing ahead of the expected Senate vote. The opposition follows the National Sheriffs 'Association's withdrawal of its opposition to the measure earlier this month.
James's office filed its first enforcement action against stablecoin issuer Tether in 2019 and recovered billions of dollars in refunds and fines from companies including Gemini, Genesis and KuCoin. The office believes that state law enforcement powers have been a key weapon in fighting the cryptocurrency fraud epidemic and should not be ceded to the D.C. government in Washington.
