New York Attorney General Letitia James Urges Congress to Strengthen Cryptocurrency Regulation
Jul 27, 20261 sources
Key Takeaways
- 01Attorney General Letitia James called on Congress to impose stronger federal cryptocurrency regulations through written testimony.
- 02The proposed framework includes AML, KYC, and cybersecurity requirements for cryptocurrency platforms.
- 03James urged restrictions on converting untraceable crypto, including assets routed through money-laundering mixers, into U.S. dollars.
- 04The proposal would preserve the application of existing money-transmission, commodities, and securities laws to cryptocurrency.
- 05James also sought platform surveillance obligations and financial liability for companies that fail to protect users from fraud and scams.
New York Attorney General Letitia James submitted written testimony calling on Congress to enact stronger federal cryptocurrency-market regulation aimed at protecting consumers and investors from scams and limiting the use of digital assets by criminals, cartels, terrorist financiers, and foreign adversaries. James urged lawmakers not to create exemptions for crypto from existing financial laws and instead to adopt a framework imposing anti-money-laundering, consumer-protection, market-surveillance, and cybersecurity obligations on cryptocurrency businesses.