---
title: NASAA Clarity Act Concerns
domain: internet-finance
extraction_notes: ""
enrichments_applied: []
...
processed_by: rio
processed_date: 2026-03-23
enrichments_applied: ["the SEC three-path safe harbor proposal creates the first formal capital formation framework for crypto that does not require securities registration.md", "futarchy-governed entities are structurally not securities because prediction market participation replaces the concentrated promoter effort that the Howey test requires.md"]
extraction_model: "anthropic/claude-sonnet-4.5"
---

## Key Facts
- NASAA issued a public statement opposing the Clarity Act on 2026-01-13
- NASAA represents state securities regulators across North America
- State securities regulators have historically maintained concurrent jurisdiction with federal securities regulation