New York Attorney General Letitia James has proposed a bill that calls for the New York Attorney General’s (OAG) to be given additional powers over crypto companies.
Letitia James On May 5, he made a statement on his official social media account. in the statementpassed a law requiring the OAG to be given various additional powers regarding cryptocurrency companies. that you propose announced. In the bill, New York Attorney General’s Office And New York Department of Financial Services (NYDFS) It is stated that they work together. By law, OAG 2023 in the legislative year to be evaluated about to to the state senate And to the council will be presented.
Attorney General, of fraud for a long time nightmare for investors has become and hundreds of billions dollar to lose stated the cause. James, from fraudulent activities most off-white peoples what you see underlined. At this point, the Attorney General, who requested that the institution he is affiliated to be given more authority, victim of fraud customers their funds back return and crypto money companies same responsibility pointed out that he should have
As part of the proposed bill, James will allow crypto companies to fraud to victims of to refund money mandating these companies to the New York Attorney General’s Office. granting the power of closure, and crypto companies risk And interest conflict information publication of stated that it will be provided. In addition, crypto companies to independent audit customer assets to be subject to cannot borrow or cannot give and cryptocurrency of issuers as well as crypto will not own the platform was also included in James’s project.
In addition, per violation under the bill 10 thousand with 100 thousand between dollars fine It was seen that various punitive powers, such as the
Crypto Regulation, Protection, Transparency and Oversight (CRPTO) law called law state senator And representative by positive received comments.
On the other hand, the partner of law firm K&L Gates Andrew Hinkes, James’ crypto get it wrong decentralized institutions and organizations that these laws cannot be applied stating that the law most likely fail stated that it would.