Ellison Joins Coalition Opposing Crypto Bill Amid Growing Scam Concerns
Minnesota Attorney General Keith Ellison has joined a coalition of 16 attorneys general in opposing the Digital Asset Market Clarity Act, a federal bill aimed at regulating cryptocurrencies. The coalition argues that the bill would limit states' ability to pursue cryptocurrency fraud cases and allow the Securities and Exchange Commission to preempt state registration authority over digital assets.
The Digital Asset Market Clarity Act has been sent to Sens. Tim Scott and Elizabeth Warren for review, but attorneys general from 16 states, including Arizona, Connecticut, Delaware, the District of Columbia, Illinois, Kansas, Maryland, Michigan, New Jersey, New York, Nevada, Ohio, Virginia, Washington, and Wisconsin, have expressed concerns about its potential impact.
In Minnesota alone, losses from cryptocurrency scams have topped $10 million in the last 18 months, with Minnesotans losing an average of $62,604 per incident. Nationally, the FBI reported a total loss of $11.4 billion in cryptocurrency-related complaints in 2025, a 22% increase from 2024.