New York AG proposes ‘nation-leading’ crypto regulation
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New York State Attorney General (NYAG), Letitia James, is urging the state’s legislature to pass a law regulating the cryptocurrency sector that she claims will set the standard for the rest of the country regarding openness and investor protection.
Digitoads
In a May 5 press release, AG James unveiled legislation imposing stricter rules on the crypto sector to safeguard consumers, investors, and the traditional econ
New York AG proposes ‘nation-leading’ crypto regulation
new-york-ag-proposes-nation-leading-crypto-regulation
By Julius Mutunkei
May 5, 2023 at 6:56 pm
NEWS
New York AG proposes ‘nation-leading’ crypto regulation
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New York State Attorney General (NYAG), Letitia James, is urging the state’s legislature to pass a law regulating the cryptocurrency sector that she claims will set the standard for the rest of the country regarding openness and investor protection.
Digitoads
In a May 5 press release, AG James unveiled legislation imposing stricter rules on the crypto sector to safeguard consumers, investors, and the traditional economy.
Known as the CRPTO Act, the legislation would oblige crypto firms to submit to independent auditing, publish financial statements, and mandate platforms to compensate clients who fall victim to fraud.
Proposal to curb runaway fraud
According to James, the crypto industry has been used to conceal and enable illegal activity and fraud since it lacks hard and fast rules, rendering it susceptible to bad actors and sudden market changes.
The New York AG said increasing transparency, removing conflicts of interest, and enacting commonsense investor protection measures are all part of her proposed program bill, which she believes is the most comprehensive and robust set of digital asset regulations in the United States.
Additionally, the bill would stop financial fraud and conflicts of interest that characterized the now-defunct FTX exchange. It would make it illegal for people to own crypto exchanges and companies conducting trades on those exchanges.
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