James Leads Bipartisan Push Against Clarity Act in US Senate

New York Attorney General Letitia James is leading a bipartisan push against the Clarity Act in the US Senate, warning that it would imperil states' ability to protect investors from fraud.

In a letter sent on Monday to Senate Banking Committee Republican Chair Tim Scott and top Democrat Elizabeth Warren, James and 16 other attorneys general urged lawmakers to vote against the landmark cryptocurrency legislation.

The Clarity Act would 'muddy the waters' and make it harder for state prosecutors to go after scams and hold firms accountable, according to the letter.

James stated that the bill would 'embolden scammers and potentially strip attorneys general of our authority to protect our states’ investors and their wallets.'