Crypto Investors Rejoice: New York AG Takes Action Against Fraud with Strongest Crypto Regulations Yet
New York Attorney General Letitia James is taking a hard stance against cryptocurrency fraud with her “landmark” crypto legislation. The bill, known as the Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act, would establish “the strongest and most comprehensive set of regulations on cryptocurrency” in the United States. The proposed regulations aim to bring law and order to the industry and protect investors, consumers, and the broader economy. They include requiring independent public audits of cryptocurrency exchanges, prohibiting conflicts of interest, and strengthening the regulatory authority of the New York State Department of Financial Services.
The bill also imposes penalties on violators and grants the Attorney General jurisdiction to shut down fraudulent businesses. Attorney General James stated that the new regulations would bring more transparency and oversight to the industry, while cracking down on those who don’t respect the law. This is great news for crypto investors, as it could help to improve the industry’s reputation and reduce fraudulent activity.
Clever Robot News Desk 9th May 2023