New York Attorney General Letitia James warned Congress about the federal cryptocurrency bill known as the CLARITY Act. In her testimony to the Senate Permanent Subcommittee on Investigations, she said the Digital Asset Market Clarity Act would override state regulation of digital assets and shift oversight to the Commodity Futures Trading Commission. Complaints about crypto scams received by her office tripled over the past three years, while reported losses totaled nearly $500 million over five years. She called for crypto platforms to comply with anti-money laundering, know-your-customer, and cybersecurity requirements. She also proposed making platforms financially liable when they fail to protect customers and barring elected officials and former government officials from regulating crypto when they may have financial interests in the industry.
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