New York State Attorney General Letitia James has actually proposed “landmark” crypto legislation that declares to be “the strongest and most comprehensive set of regulations on cryptocurrency” in the United States. “Rampant fraud and dysfunction have become the hallmarks of cryptocurrency and it is time to bring law and order to the multi-billion-dollar industry,” stated Attorney General James.
NYAG Letitia James Launches ‘Landmark’ Crypto Legislation
The New York State Attorney General (NYAG) Office revealed Friday that Attorney General Letitia James has actually proposed “landmark legislation to tighten regulations on the cryptocurrency industry to protect investors, consumers, and the broader economy.” The statement states:
Attorney General James’ program expense, which proposes the greatest and most thorough set of regulations on cryptocurrency in the country, would increase openness, remove disputes of interest, and enforce commonsense procedures to secure financiers, constant with regulations troubled other monetary services.
The expense, called “Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act,” would “require independent public audits of cryptocurrency exchanges and prevent individuals from owning the same companies, such as brokerages and tokens, to stop conflicts of interest,” the statement includes.
“Crypto platforms would also have responsibilities to customers similar to banks under the federal Electronic Fund Transfer Act by requiring platforms to reimburse customers who are the victims of fraud. The bill would also strengthen the New York State Department of Financial Services’ (DFS) regulatory authority of digital assets,” the NYAG Office comprehensive.
Moreover, the statement describes that the expense would reinforce financier securities by “enacting and codifying ‘know-your-customer’ [KYC] provisions” and “banning the use of the term ‘stablecoin’ to describe or market digital assets unless they are backed 1:1 with U.S. currency or high-quality liquid assets as defined in federal regulations.”
The NYAG Office continued:
The expense would give the Attorney General jurisdiction to implement any infraction of the law, problem subpoenas, enforce civil charges of $10,000 per infraction per person or $100,000 per infraction per company, gather restitution, damages, and charges, and closed down companies appealing in scams and illegality.
“The bill would also codify DFS’ authority to license digital asset brokers, marketplaces, investment advisors, and issuers prior to engaging in business in New York and allow DFS to oversee the digital asset licensing regime,” the statement notes.
“Rampant fraud and dysfunction have become the hallmarks of cryptocurrency and it is time to bring law and order to the multi-billion-dollar industry,” Attorney General James commented. “These commonsense regulations will bring more transparency and oversight to the industry and strengthen our ability to crack down on those that don’t pay respect to the law.”
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