"New York Attorney General Proposes Comprehensive Crypto Regulations"

New York Attorney General Letitia James has proposed a new set of state crypto regulations that would increase transparency and enhance investor protections in the digital asset sector. The proposed legislation would implement public audit requirements for crypto exchanges, reduce conflict-of-interest issues, require reimbursement for victims of fraudulent transfers, and ban the use of the word “stablecoin” to describe digital assets that aren’t backed up on a 1:1 basis by dollars or other high-quality liquid assets. James says her office will submit the bill to New York state lawmakers for consideration in the ongoing legislative session.