NY Attorney General Urges Congress To Toughen Clarity Act, Preserve State Crypto Powers

New York's Attorney General is pushing Congress to strengthen the Digital Asset Market Clarity Act by preserving state enforcement authority, requiring tougher AML/KYC standards, and imposing ethics restrictions on officials. The testimony signals a critical regulatory juncture: federal preemption would shift crypto oversight away from states, whilst consumer fraud complaints in New York have tripled in three years with losses near $500 million.

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