New Cryptocurrency Bill From New York Attorney General!

In previous statements cryptocurrencies warning of risks New York Attorney General Letitia James introduced a new bill today aimed at regulating cryptocurrencies.

Wall Street Journal’According to the news of , the proposed bill to the New York Department of Financial Services (NYDFS) It gives more authority to regulate cryptocurrency platforms.

The bill gives the New York attorney general’s office operating in the state. cryptocurrency It will enact the power of NYDFS to issue licenses to industry participants and oversee the state’s digital asset licensing regime, while giving broader enforcement powers over

“Crypto Regulation, Protection, Transparency and Oversight Act (CRPTO)” The bill, called the bill, will be presented to the New York State Senate and House by the office of New York Attorney General James.

The bill is expected to be considered at the 2023 legislative session, which will last until June 8.

New York Attorney General James, as elected official, will have the power to subpoena crypto companies for violations of the law and impose civil penalties of $10,000 per violation for each person or $100,000 per violation for each crypto company.

With this bill, James also seeks to shut down crypto businesses that face allegations of fraud and violation of the law.

The bill also includes rules that require cryptocurrency exchanges to subject their financial statements to independent public audits and to compensate customers who are victims of fraud.

Attitude Towards NYDFS and Cryptocurrency Platforms!

Overseeing 30+ crypto companies NYDFSin January over allegations that it violated anti-money laundering laws by allowing customers to open accounts without adequate background checks. coinbase with the stock market A $100 million deal had signed.

NYDFS Superintendent Adrienne Harris has previously said she will use her role as an industry leader in the US to help set the regulatory agenda for cryptocurrencies nationwide.

NYFDS has also filed lawsuits against a number of crypto platforms, including a lawsuit filed in March against KuCoin, an overseas crypto exchange, for failing to register as a seller of securities and commodities.