New York Attorney Proposes Crypto Bill
New York Attorney General Letitia James has proposed legislation to regulate the cryptocurrency industry. It will give the New York State Attorney General more authority over local cryptocurrency businesses.
The state’s regulatory measures have stifled the growth of the crypto sector in New York. New York is pursuing additional regulatory actions to vex the cryptocurrency industry. Especially after the BitLicense requirement and a two-year moratorium on new licenses for proof-of-work crypto mining were implemented.
To tighten regulations on cryptocurrency businesses in New York. The Crypto Regulation, Protection, Transparency, and Oversight Act (CRPTO) has been proposed by Attorney General Letitia James. The bill will be introduced for debate in the New York State Senate and Assembly on June 8.
As a result of this legislation, the New York Attorney General’s Office will have more leeway in its regulation of crypto businesses. In addition, it formalizes the authority of the New York State Department of Financial Services to issue crypto licenses and regulate the state’s digital asset licensing framework.
(With inputs from Shikha Singh)
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