Maryland Attorney General Anthony G. Brown has joined a bipartisan coalition of 15 other attorneys general in opposing the Digital Asset Market Clarity Act, warning that the legislation could weaken states’ ability to combat cryptocurrency fraud and protect investors.
In a letter to the leaders of the U.S. Senate Committee on Banking, Housing and Urban Affairs, the coalition argued that the bill could restrict state enforcement authority and allow the Securities and Exchange Commission to preempt state registration requirements. The attorneys general said states have brought more than 330 cryptocurrency-related anti-fraud enforcement actions since 2017.
According to figures cited by the coalition, the FBI received complaints involving $11.4 billion in cryptocurrency losses during 2025, a 22% increase from the previous year. The Federal Trade Commission reported $1.78 billion in losses, an increase of 25.6%.
The coalition is asking Congress to preserve state enforcement and registration authority, maintain federal-state cooperation and clarify provisions that it says could create uncertainty over cryptocurrency regulation. Attorneys general from Arizona, Connecticut, Delaware, the District of Columbia, Illinois, Kansas, Michigan, Minnesota, Nevada, New Jersey, New York, Ohio, Virginia, Washington and Wisconsin also signed the letter.
