Crypto
New York Warns CLARITY Act Could Undermine State Oversight of Crypto
New York Attorney General Letitia James has expressed concerns over the proposed CLARITY Act, which could limit states' ability to oversee the cryptocurrency market.
The act aims to transfer much of the oversight to the Commodity Futures Trading Commission (CFTC), a move that James believes would undermine enforcement efforts at the state and local levels.
According to James, complaints related to cryptocurrency scams received by her office have tripled in the last three years, with reported losses amounting to approximately €460 million over a five-year period.