The FBI revealed that cryptocurrency-related losses exceeded $11 billion in 2025, and the New York State Attorney General warned that the CLARITY Act undermines state law enforcement authority

The Federal Bureau of Investigation (FBI) disclosed that in 2025, the reported losses from cybercrime by the American public approached $21 billion, with 181,565 complaints involving cryptocurrency, totaling losses of over $11 billion.

New York Attorney General Letitia James testified before Congress on July 27, stating that the CLARITY Act aims to transfer primary regulatory authority over digital assets to the Commodity Futures Trading Commission (CFTC), which could potentially weaken the ability of states to investigate fraud and hold cryptocurrency companies accountable. James urged cryptocurrency platforms to comply with anti-money laundering, know your customer, cybersecurity, and market monitoring requirements, and to take financial responsibility for preventable fraud. Her office has received nearly three times the number of cryptocurrency fraud complaints in the past three years, with related losses approaching $500 million over the past five years.