2 years ago
New York State Attorney General Letitia James has projected “landmark” crypto authorities that claims to beryllium “the strongest and astir broad acceptable of regulations connected cryptocurrency” successful the United States. “Rampant fraud and dysfunction person go the hallmarks of cryptocurrency and it is clip to bring instrumentality and bid to the multi-billion-dollar industry,” said Attorney General James.
NYAG Letitia James Launches ‘Landmark’ Crypto Legislation
The New York State Attorney General (NYAG) Office announced Friday that Attorney General Letitia James has projected “landmark authorities to tighten regulations connected the cryptocurrency manufacture to support investors, consumers, and the broader economy.” The announcement states:
Attorney General James’ programme bill, which proposes the strongest and astir broad acceptable of regulations connected cryptocurrency successful the nation, would summation transparency, destruct conflicts of interest, and enforce commonsense measures to support investors, accordant with regulations imposed connected different fiscal services.
The bill, dubbed “Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act,” would “require autarkic nationalist audits of cryptocurrency exchanges and forestall individuals from owning the aforesaid companies, specified arsenic brokerages and tokens, to halt conflicts of interest,” the announcement adds.
“Crypto platforms would besides person responsibilities to customers akin to banks nether the national Electronic Fund Transfer Act by requiring platforms to reimburse customers who are the victims of fraud. The measure would besides fortify the New York State Department of Financial Services’ (DFS) regulatory authorization of integer assets,” the NYAG Office detailed.
Moreover, the announcement explains that the measure would bolster capitalist protections by “enacting and codifying ‘know-your-customer’ [KYC] provisions” and “banning the usage of the word ‘stablecoin’ to picture oregon marketplace integer assets unless they are backed 1:1 with U.S. currency oregon high-quality liquid assets arsenic defined successful national regulations.”
The NYAG Office continued:
The measure would assistance the Attorney General jurisdiction to enforce immoderate usurpation of the law, contented subpoenas, enforce civilian penalties of $10,000 per usurpation per idiosyncratic oregon $100,000 per usurpation per firm, cod restitution, damages, and penalties, and unopen down businesses engaging successful fraud and illegality.
“The measure would besides codify DFS’ authorization to licence integer plus brokers, marketplaces, concern advisors, and issuers anterior to engaging successful concern successful New York and let DFS to oversee the integer plus licensing regime,” the announcement notes.
“Rampant fraud and dysfunction person go the hallmarks of cryptocurrency and it is clip to bring instrumentality and bid to the multi-billion-dollar industry,” Attorney General James commented. “These commonsense regulations volition bring much transparency and oversight to the manufacture and fortify our quality to ace down connected those that don’t wage respect to the law.”
What bash you deliberation astir this “landmark” crypto measure projected by New York Attorney General Letitia James? Let america cognize successful the comments conception below.
Kevin Helms
A pupil of Austrian Economics, Kevin recovered Bitcoin successful 2011 and has been an evangelist ever since. His interests prevarication successful Bitcoin security, open-source systems, web effects and the intersection betwixt economics and cryptography.
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