ST. PAUL, Minn. (Valley News Live) — Minnesota Attorney General Keith Ellison joined a coalition of 16 attorneys general Monday in a letter opposing the Digital Asset Market Clarity Act, a federal bill addressing cryptocurrency regulation, according to Ellison’s office.
The letter, sent to Sens. Tim Scott and Elizabeth Warren, the chair and ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, argues the bill would limit states’ ability to pursue cryptocurrency fraud cases and would allow the Securities and Exchange Commission to preempt state registration authority over digital assets, according to Ellison’s office. The coalition includes attorneys general from both parties, including Arizona, Connecticut, Delaware, the District of Columbia, Illinois, Kansas, Maryland, Michigan, New Jersey, New York, Nevada, Ohio, Virginia, Washington and Wisconsin.
According to Ellison’s office, the Consumer Action Division of the Minnesota Attorney General’s Office has received hundreds of complaints of crypto-based scams since 2019. In the last 18 months, Minnesotans’ losses from scams paid in cryptocurrency have topped $10 million, more than half of all scam losses reported to the office during that time, the office said.
Nationally, the FBI reported $11.4 billion in losses from cryptocurrency-related complaints in 2025, a 22% increase from 2024, with an average reported loss of $62,604, according to Ellison’s office. The Federal Trade Commission reported $1.78 billion in cryptocurrency-related losses in 2025, a 25.6% increase from 2024.
Since 2017, states have brought more than 330 anti-fraud enforcement actions against scammers in the crypto ecosystem, according to Ellison’s office.
A Minnesota law banning cryptocurrency kiosks statewide took effect Aug. 1. From 2023 to 2025, the state saw 134 complaints connected to cryptocurrency kiosks, with reported losses reaching nearly $1 million, according to Ellison’s office.
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