New York AG Letitia James Opposes the Crypto Bill Coinbase Wants Passed August 3

New York Attorney General Letitia James says a crypto bill in the Senate would leave scam victims with nowhere to turn. Coinbase wants that same bill passed within days.

James sent her case to a Senate investigations panel on Monday. She wants tougher crypto oversight, not less of it.

Why Is New York Fighting the Crypto Oversight Bill?

The bill is called the Digital Asset Market Clarity Act. It would hand most crypto rulemaking to one federal agency, the Commodity Futures Trading Commission (CFTC).

It would also override state investor protection laws. That is the part James cannot accept.

Her office polices securities and commodities for 20 million New Yorkers. Take away that power, she argues, and scam victims lose their closest cop.

The House already passed the bill in July 2025. The vote was 294 to 134. It cleared a key Senate committee in May.

How Bad Are Crypto Scam Losses?

Bad, and getting worse. Her testimony stacks up four separate datasets.

Source	2025 losses	Change from 2024
FBI Internet Crime Complaint Center	$11.4 billion	Up 22%
FTC Consumer Sentinel Network	$1.78 billion	Up 25.6%
TRM Labs illicit volume estimate	$158 billion	Up about 145%
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