New York AG Seeks Landmark Crypto Law, Cites ‘Dysfunction’
- Proposal for new law targets conflicts of interest, fraud
- AG James says she’ll present bill to lawmakers this year
“Millions of investors have lost hundreds of billions in the value of their cryptocurrency investments because of rampant fraud’.
Photographer: Stefani Reynolds/AFP/Getty Images
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New York Attorney General Letitia James proposed a state law to tighten rules over cryptocurrency companies in her latest swing at an industry she claims is suffering from “rampant fraud and dysfunction.”
Under her proposal, New York would require independent public audits of crypto exchanges and bar people from owning both brokerages and tokens to prevent conflicts of interest. In a statement Friday, James called her proposal “the strongest and most comprehensive set of regulations on cryptocurrency in the nation.”