The Federal Bureau of Investigation said reported cybercrime losses in the United States came close to $21 billion in 2025, with cryptocurrency-linked cases accounting for 181,565 complaints and more than $11 billion in losses. The figures were cited alongside fresh criticism of the CLARITY Act from New York Attorney General Letitia James.
Testifying before Congress on July 27, James said the bill would shift primary oversight of digital assets to the Commodity Futures Trading Commission, or CFTC, and could weaken the ability of individual states to investigate fraud and hold crypto firms accountable. She argued that state-level enforcement remains important in cases involving investor harm and platform misconduct.
James also called on crypto platforms to comply with anti-money laundering, know-your-customer, cybersecurity, and market surveillance requirements, and said companies should bear financial responsibility for preventable fraud. Her office has seen crypto scam complaints nearly triple over the past three years, while related losses over the past five years have approached $500 million.
The Federal Bureau of Investigation said reported cybercrime losses in the U.S. came close to $21 billion in 2025. Of that total, cryptocurrency-related complaints reached 181,565 cases, with losses exceeding $11 billion.
James says CLARITY Act could limit state enforcement
New York Attorney General Letitia James told Congress on July 27 that the CLARITY Act would place primary regulatory authority over digital assets with the Commodity Futures Trading Commission, or CFTC. She said that change could weaken the authority of states to investigate fraud and hold cryptocurrency companies accountable.
Call for AML, KYC, cybersecurity, and market monitoring
James said crypto platforms should comply with anti-money laundering rules, know-your-customer requirements, cybersecurity standards, and market monitoring obligations. She also said firms should bear financial responsibility for fraud that could have been prevented.
According to James, her office has seen crypto fraud complaints nearly triple over the past three years. Losses tied to those cases have approached $500 million over the past five years.
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