Crypto Industry Divided Over Revised Clarity Act Ahead of Senate Vote

The crypto industry is split over the revised Digital Asset Market Clarity Act, also known as the Clarity Act, ahead of its Senate vote on September 15.

A bipartisan group of 18 state attorneys general has formally opposed the bill, warning that it could shield scammers. They argue that the qualified transaction definition would let the SEC override state registration authority, weakening what they call the first line of defense against fraud.

The attorneys general cite an FBI figure of $11.4 billion stolen through crypto last year, up 22% from the prior year, with an average reported loss of $62,604.