CHARLESTON W.Va. (WVDN) – The West Virginia State Auditor’s Office has joined a bipartisan coalition of state securities regulators urging Congress to preserve state authority to investigate and prosecute fraud involving cryptocurrencies and other digital assets.
“The letter we sent to Congress highlights the critical role state agencies play in protecting investors – especially in smaller, individual cases that may not rise to the level of federal enforcement,” said Auditor Mark Hunt. Deputy Commissioner of Securities Michael Nusbaum signed on to the letter, along with regulators from more than 20 other states, supporting the inclusion of a savings clause in pending federal market structure legislation, colloquially known as the CLARITY Act.
The coalition emphasized that state regulators often serve as the first line of defense for consumers harmed by cryptorelated scams and fraudulent schemes.
The requested savings clause would ensure states retain their longstanding antifraud enforcement authority, even as Congress considers broader reforms for digital asset markets.
