New York AG Letitia James and 17 other state attorneys general are opposing the CLARITY Act, warning it could weaken states’ ability to crack down on crypto fraud. Supporters want a cleaner federal framework, but critics say scammers shouldn’t get a free pass.
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Letitia James is leading 18 states in urging the Senate to scrap the CLARITY Act, warning it could weaken state power to police crypto fraud and give scammers more room to operate. Supporters say the bill would bring needed regulatory clarity, but the fight is really over who gets the teeth.
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New York has sued Kalshi, saying its prediction-market contracts on sports, elections, and award shows are really illegal gambling under state law. Kalshi says federal commodities rules protect it, setting up a bigger fight over whether these platforms are markets or sportsbooks in disguise.
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Letitia James is warning that the CLARITY Act could go too far in shielding crypto firms from state fraud enforcement, giving Washington more power at the expense of local prosecutors. Supporters call it overdue market clarity; critics say it could hand scammers a federal loophole.
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Trump’s GENIUS Act Sparks Fury: NYAG Slams Weak Stablecoin Rules Before July 2025 Vote The Trump-backed GENIUS Act, a landmark bill to regulate stablecoins, is facing a firestorm of criticism as it inches toward a critical House vote in July 2025. Fresh off a strong 68-30 Senate win, the legislation has drawn sharp rebuke from […]
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