New York Attorney General Letitia James led a bipartisan coalition of 17 other state attorneys general in sending a letter to Congress opposing the Digital Asset Market Clarity Act, warning that the bill would preempt state attorneys general authority to combat cryptocurrency fraud and scams. This is a legislative advocacy action, not an enforcement action against any company, and no penalties or remedies were imposed. The coalition urged Congress to preserve state enforcement power over both tokenized and non-tokenized securities and state crypto registration regimes.
This is a legislative advocacy action rather than an enforcement action against a company, so there are no direct compliance mandates. However, it signals that a broad bipartisan coalition of state attorneys general intends to preserve and continue aggressive enforcement against cryptocurrency and digital asset platforms under existing state securities laws. In-house teams at crypto, fintech, or financial services companies should review state registration and licensing representations and warranties in platform, vendor, and customer agreements to confirm compliance certifications with state securities regulators are current; check regulatory-change and preemption clauses that assume federal (SEC) oversight supersedes state law; and ensure indemnification and enforcement-cooperation provisions account for potential multistate AG actions. Companies operating in digital assets should not rely on anticipated federal preemption and should maintain compliance programs covering state-level registration regimes for both tokenized and non-tokenized assets.
Entity
Not applicable (no company named - coalition letter to U.S. Congress re: Digital Asset Market Clarity Act)
Industry
Financial ServicesOfficial Press Release
https://ag.ny.gov/press-release/2026/attorney-general-james-calls-congress-preserve-states-ability-protect-americans
2026.9.13 clarity act letter with signatures
https://ag.ny.gov/sites/default/files/letters/2026.9.13-clarity-act-letter-with-signatures.pdf
New York Attorney General Enforcement Page
https://ag.ny.gov/press-releases
"New York Attorney General Letitia James today led a bipartisan coalition of 17 other attorneys general in opposing the Digital Asset Market Clarity Act (Clarity Act)"
"September 14, 2026"
"the Clarity Act would jeopardize their ability to protect investors from rampant digital cryptocurrency fraud and scams"
"Digital Asset Market Clarity Act (Clarity Act)"
"Arizona, California, Connecticut, Delaware, Illinois, Kansas, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, Ohio, Virginia, Washington, Wisconsin, and the District of Columbia"
"Joining Attorney General James in sending the letter to Congress are the attorneys general of"
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$400.0M
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$25K
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