New York AG’s office seeks additional jurisdiction over crypto firms.
According to a bill proposed by New York Attorney General Letitia James, crypto exchanges may be required to compensate users who are victims of fraud.
New York Attorney General Requests Additional Powers for Crypto Firms
New York Attorney General Letitia James has reportedly proposed legislation that would give the Attorney General more powers to regulate the crypto industry.
In an announcement May 5, New York AG’s office planned to introduce a bill called the Crypto Regulation, Protection, Transparency and Oversight Act, or CRPTO, at the state’s 2023 legislative session. The proposed law includes the power to issue subpoenas to New York officials, impose civil penalties for crypto firms that violate state laws, and shut down companies that are alleged to engage in fraudulent or illegal activities.
Today, my office is introducing nation-leading legislation to tighten regulations on the cryptocurrency industry.
We're proposing commonsense measures to protect investors and end the fraud and dysfunction that have become the hallmarks of cryptocurrency.
— NY AG James (@NewYorkStateAG) May 5, 2023
Attorney General James used the following statements in his statements:
“Scams in the cryptocurrency industry have for far too long caused investors to lose hundreds of billions, and low-income investors have suffered the most. Banks and other financial services are regulated. So should the cryptocurrency industry.”
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