A NY bill targeting crytpocurrency fraud could bring national attention on crypto industry

New York’s attorney general announced tougher measures Friday to “end the fraud and dysfunction that have become the hallmarks of cryptocurrency,” a move likely to bring more focus nationally on the multi-billion dollar crypto industry.

The bill is one of the toughest yet targeting fraud trends in an industry that has no real federal oversight, potentially costing consumers hundreds of millions each year. New York state and its Attorney General Letitia James have been at the forefront of modeling cryptocurrency regulations.

Other states such as California and Illinois have considered adopting similar laws. New York’s bill, called the Crypto Regulation, Protection, Transparency and Oversight Act, proposes one of the most comprehensive set of regulations on cryptocurrency in the nation.

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