New York AG Proposes Bill to Tighten Regulation of Cryptocurrency Industry

  • New York AG Letitia James announced a program bill that would impose regulations on the cryptocurrency industry consistent with regulations imposed on other financial services.
  • The Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act is meant to provide safeguards for investors in cryptocurrency by preventing conflicts of interest within the industry, requiring public reporting of financial statements, and bolstering protection of investors’ assets. AG James asserts that the cryptocurrency industry is rife with fraud, and lower income investors and people of color have been disproportionately harmed by the risks involved with investing in crypto.
  • AG James will submit the program bill to the State Senate and Assembly for consideration during the 2023 legislative session.
  • We have previously covered AG James’ efforts to increase investor security in the cryptocurrency industry, including recent lawsuits against Kucoin and Celsius for alleged securities violations.