Letitia James: Clarity Bill Will Weaken State Cryptocurrency Enforcement Powers

According to The Block, New York State Attorney General Letitia James stated in written testimony that the Clarity Act will weaken states' enforcement capabilities against fraud in the cryptocurrency industry and interfere with state investor protection laws. Letitia James calls on Congress to strengthen anti money laundering and ethical safeguards provisions, requiring federal officials not to regulate industries from which they profit during their tenure and one year after leaving office, and requiring DeFi platforms to assume intermediary responsibilities and prohibit cryptocurrency trading that cannot be fully traced.