Attorneys General Urge Senate to Reject Cryptocurrency Regulation Bill
Attorneys general from across the US have joined forces to urge the Senate to reject a major cryptocurrency bill. Led by New York State Attorney General Letitia James, the bipartisan coalition is warning that the proposed CLARITY Act would limit states' ability to oversee the securities and commodities market.
The Senate is poised to hold a procedural vote on Tuesday regarding the CLARITY Act, which aims to create a new federal regulatory framework for the $2.3 billion cryptocurrency market. However, James and 16 other AGs have expressed concerns that the proposed regulations would blunt state enforcement powers.
In a five-page letter to the co-chairs of the Senate Committee on Banking, Sens. Tim Scott and Elizabeth Warren, the attorneys general urged senators to preserve states' authority to oversee the securities and commodities markets. They claimed that enforcing laws against cryptocurrency scammers is an essential function of state governments.