North American Securities Administrators Association (NASAA) sent a letter Senate Banking Committee urge members to vote against The CLARITY Act in its current form.
NASAA is a lobbying group that represents all U.S. state securities regulators, as well as regulators in Canada and Mexico.
The group lists multiple areas when stating they support “responsible innovation” they ask about to be replaced.
These include:
Maintaining “regulatory equity” in relation to tokenized assets, particularly when it comes to government authority such as anti-fraud and investigative powers.
Beyond that equity, NASAA said they are concerned that bad actors will use “selective text” in the bill to commit fraud, leading to “enforcement loopholes.”
The group also seeks licensing and registration authority over broker-dealers, advisors and others they consider essential to investor protection. NASAA is concerned that the current language will weaken the federalism framework, explaining that “a few quick drafts” would avoid “years of costly litigation.”
NASAA describes the bill as giving federal regulators overly broad exemption authority. Securities and Exchange Commission.
NASAA says it is committed to working constructively with Congress but that current legislation needs “mission-critical revisions.”
…” We respectfully urge (the Senate Banking Committee) to vote NO on the bill unless these issues are resolved.”
This group is one of many comments emerging ahead of the Senate Banking Committee’s scheduled hearing on price increases this Thursday.
The CLARITY Act was approved by the House in 2025 but became mired in legislative quagmire in 2026. NASAA has long been defensive against perceived or actual violations of its regulatory authority at the state level.
Changes can be made to the bill during markup, and opponents may persuade some Senators to request changes to the legislation, which could change the bill’s current consensus status.
