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New York is beefing up its cryptocurrency regulation with an ambitious bill, led by Attorney General Letitia James. Behind the words “protect investors”, there is in fact a desire to strengthen the powers of regulators for a new offensive of repression against crypto players. The lawsuits filed against Celsius, CoinEx, and Nexo leave no doubt about the real purpose of this initiative.
Attorney General Letitia James proposes bill to protect investors
The regulatory environment for cryptocurrencies in the United States leaves something to be desired, but even worse in New York State. The New York Department of Financial Services (DFS) recently implemented a law that raises taxes for crypto businesses, further suffocating the industry.
However, that doesn’t seem to be enough for Attorney General Letitia James. She announced on Twitter the introduction of a new bill to further strengthen the regulation of the crypto industry.
“Today, my office introduces cutting-edge legislation aimed at strengthening regulation on the cryptocurrency industry. We offer common sense measures to protect investors and end the fraud and dysfunction that has become a hallmark of cryptocurrency.”
The bill will allow the New York State Department of Financial Services to regulate digital assets more rigorously. It will thus be able to bring bankrupt stock exchanges to reimburse customers who are victims of fraud. According to the Wall Street Journal, the bill will also give state regulators more powers over cryptocurrency.
Indeed, Letitia James remains committed to a crusade against cryptocurrencies, as evidenced by the lawsuits she has filed against companies such as Celsius, CoinEx, Nexo and KuCoin. With this new bill, she wants the state regulatory authorities to have new powers to better regulate the sector.
In any case, the Attorney General of New York shows an unwavering determination for an anti-crypto mission. However, for the bill to come into force, it will have to be put to a vote.
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Passionate about Bitcoin, I like to explore the intricacies of blockchain and cryptos and I share my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make that possible.
The comments and opinions expressed in this article are the sole responsibility of their author, and should not be considered as investment advice. Do your own research before making any investment decision.