A bipartisan coalition of state attorneys general led by New York Attorney General Letitia James sent a letter to Senate Banking Committee leaders on September 14 urging rejection of the Digital Asset Market Clarity Act. The seventeen attorneys general warn that the landmark crypto market structure bill would strip their power to prosecute digital asset fraud. The Clarity Act, which passed the House in July 2025 and cleared the Senate Banking Committee in May 2026, aims to establish clear jurisdictional boundaries between the SEC and CFTC for different categories of digital assets. Despite the inclusion of over 126 amendments requested by Democrats, the coalition argues the bill’s underlying language on state authority remains too ambiguous to protect consumers.
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