Letter to Congress calls on lawmakers to preserve the state-federal partnership
WASHINGTON, D.C. (May 30, 2025) — State securities regulators urge Congress to make important changes to the Digital Asset Market Clarity Act (CLARITY Act) to protect investors and promote responsible innovation.
In a letter to the leadership of the U.S. House Committee on Financial Services and U.S. House Committee on Agriculture, the North American Securities Administrators Association (NASAA) explained that without changes to the CLARITY Act’s provisions governing the oversight of intermediaries offering and selling digital assets, investors stand to lose important protections provided by state securities regulators. As the letter explains, state securities regulators have taken numerous actions going back almost a decade to address fraud and misconduct involving digital assets.
“Our record demonstrates the good work we have done and the value we bring to the state-federal regulation of the capital markets,” wrote Leslie Van Buskirk, NASAA President and Administrator of the Division of Securities in the Wisconsin Department of Financial Institutions. “We ask that the federal government, at minimum, keep the states in the business of fraud prevention and mitigation.”
President Van Buskirk noted that it would be difficult for federal partners to make up the difference if state securities regulators were denied the opportunity to help harmed investors. Before Congress advances the CLARITY Act, NASAA urges Congress to make it clear that the intent of Congress is to preserve the basic, essential tools that state governments use to prevent and mitigate fraud.
– NASAA–
About NASAA:
Organized in 1919, the North American Securities Administrators Association (NASAA) is the oldest international organization devoted to investor protection. NASAA is a voluntary association whose membership consists of the securities regulators in the 50 states, the District of Columbia, Puerto Rico, Guam, the U.S. Virgin Islands, the 13 provincial and territorial securities regulators in Canada, and the securities regulator in México. For more information, visit www.nasaa.org.
For More Information:
Fred Baldassaro, Director of Communications
fbaldassaro@nasaa.org | 202-737-0900
Karen Grajales, Manager, Communications and Investor Outreach
kgrajales@nasaa.org | 202-737-0900
