The North American Securities Administrators Association (NASAA) recently sent a letter to the U.S. House Committee on Financial Services and the U.S. House Committee on Agriculture, urging changes to the Digital Asset Market Clarity Act to protect investors and promote responsible innovation.
Investors could lose important protections provided by state securities regulators if changes to the act’s provisions governing the oversight of intermediaries offering and selling digital assets are not made, the letter said. For nearly a decade, state securities regulators have taken steps to address fraud and misconduct involving digital assets. If securities regulators were unable to help harmed investors, it would be difficult for federal partners to make up the difference, the letter said.
“Our record demonstrates the good work we have done and the value we bring to the state-federal regulation of the capital markets,” Leslie Van Buskirk, NASAA president, said. “We ask that the federal government, at minimum, keep the states in the business of fraud prevention and mitigation.”
The North American Securities Administrators Association is an international organization devoted to investor protection. Members include the securities regulators for the 50 states, the District of Columbia, Puerto Rico, Guam, the U.S. Virgin Islands, Canada’s 13 provinces and territories and México’s securities regulator.