New York State Lawyer Common Letitia James has proposed “landmark” crypto laws that claims to be “the strongest and most complete set of rules on cryptocurrency” in the USA. “Rampant fraud and dysfunction have develop into the hallmarks of cryptocurrency and it’s time to convey legislation and order to the multi-billion-dollar trade,” mentioned Lawyer Common James.
NYAG Letitia James Launches ‘Landmark’ Crypto Laws
The New York State Lawyer Common (NYAG) Workplace introduced Friday that Lawyer Common Letitia James has proposed “landmark laws to tighten rules on the cryptocurrency trade to guard buyers, shoppers, and the broader financial system.” The announcement states:
Lawyer Common James’ program invoice, which proposes the strongest and most complete set of rules on cryptocurrency in the nation, would improve transparency, eradicate conflicts of curiosity, and impose commonsense measures to guard buyers, in line with rules imposed on different monetary companies.
The invoice, dubbed “Crypto Regulation, Safety, Transparency, and Oversight (CRPTO) Act,” would “require unbiased public audits of cryptocurrency exchanges and forestall people from proudly owning the identical firms, equivalent to brokerages and tokens, to cease conflicts of curiosity,” the announcement provides.
“Crypto platforms would even have duties to clients just like banks below the federal Digital Fund Switch Act by requiring platforms to reimburse clients who’re the victims of fraud. The invoice would additionally strengthen the New York State Division of Monetary Companies’ (DFS) regulatory authority of digital belongings,” the NYAG Workplace detailed.
Furthermore, the announcement explains that the invoice would bolster investor protections by “enacting and codifying ‘know-your-customer’ [KYC] provisions” and “banning using the time period ‘stablecoin’ to explain or market digital belongings except they’re backed 1:1 with U.S. foreign money or high-quality liquid belongings as outlined in federal rules.”
The NYAG Workplace continued:
The invoice would grant the Lawyer Common jurisdiction to implement any violation of the legislation, concern subpoenas, impose civil penalties of $10,000 per violation per particular person or $100,000 per violation per agency, acquire restitution, damages, and penalties, and shut down companies partaking in fraud and illegality.
“The invoice would additionally codify DFS’ authority to license digital asset brokers, marketplaces, funding advisors, and issuers previous to partaking in enterprise in New York and permit DFS to supervise the digital asset licensing regime,” the announcement notes.
“Rampant fraud and dysfunction have develop into the hallmarks of cryptocurrency and it’s time to convey legislation and order to the multi-billion-dollar trade,” Lawyer Common James commented. “These commonsense rules will convey extra transparency and oversight to the trade and strengthen our capability to crack down on people who don’t pay respect to the legislation.”
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