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Federal crypto legislation carries a promise of clearer rules and cleaner enforcement.
New York Attorney General Letitia James is warning Congress that the Clarity Act, as currently drafted, would instead weaken states' ability to go after fraud, and she is pushing for tighter language before the bill advances.
She is not arguing against federal oversight. She is arguing that the current draft gets the federal-state balance wrong.
James's argument to Congress James urged Congress to revise the Clarity Act, centering her concern on state enforcement capacity.
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