FBI Reports Over $11 Billion in Crypto-Related Losses in 2025, NY AG Warns CLARITY Act May Undermine State Enforcement

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The FBI reported over $11 billion in crypto-related losses in 2025, based on 181,565 complaints. Total cybercrime losses reached $21 billion. New York Attorney General Letitia James warned that the CLARITY Act could transfer oversight of the crypto market to the CFTC, weakening state enforcement authority. She called for enhanced crypto analysis and stricter compliance with AML, KYC, and cybersecurity regulations. Her office has observed a nearly threefold increase in crypto fraud complaints over three years, with losses approaching $500 million over five years.

Huo Xing Finance reports that the U.S. Federal Bureau of Investigation (FBI) disclosed that U.S. citizens reported nearly $21 billion in losses from cybercrime in 2025, including 181,565 complaints involving cryptocurrencies and total losses exceeding $11 billion. On July 27, New York Attorney General Letitia James testified before Congress that the CLARITY Act proposes transferring primary regulatory authority over digital assets to the U.S. Commodity Futures Trading Commission (CFTC), potentially weakening states’ abilities to investigate fraud and hold cryptocurrency companies accountable. James urged cryptocurrency platforms to comply with anti-money laundering, know-your-customer, cybersecurity, and market monitoring requirements, and to assume financial responsibility for preventable fraud. Her office has received nearly three times as many cryptocurrency fraud complaints over the past three years, with related losses approaching $500 million over the past five years.

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