BUSD

Show

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">The New York Attorney General (AG) <a aria-label="Letitia James announced (opens in a new tab)" href="https://www.bloomberg.com/news/articles/2023-05-05/new-york-ag-proposes-landmark-crypto-law-citing-dysfunction#:~:text=Under%20her%20proposal%2C%20New%20York,on%20cryptocurrency%20in%20the%20nation.%E2%80%9D" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">Letitia James announced</a> her latest effort to regulate the crypto industry, citing that hundreds of billions of investor funds have been lost due to fraud and “opaque business practices” in the industry. James proposed a new set of crypto regulations that would impose independent public audits of crypto firms’ financial statements, among other new rules.</p> 
<h3 id="new-york-ag-introduces-crpto-the-most-comprehensive-set-of-crypto-regulations">New York AG Introduces CRPTO – the “Most Comprehensive” Set of Crypto Regulations</h3> 
<p>In a statement published Friday, New York AG Letitia James proposed extending state regulations over crypto-related companies, citing “dysfunction” in the nascent industry.</p> 
<blockquote class="wp-block-quote"> 
 <p>“Millions of investors have lost hundreds of billions in the value of their cryptocurrency investments because of rampant fraud, including market manipulation, hacking, and opaque business practices.”</p> <cite>– NY AG Letitia James said in a statement. </cite>
</blockquote> 
<p>In her proposal, James suggested that the New York state impose independent public audits of crypto exchanges and ban residents from owning brokerages and cryptocurrencies to avoid conflicts of interest. James described her proposal as “the strongest and most comprehensive” set of rules over the crypto industry in the US.</p> 
<p>In addition, if passed, the state law would demand that crypto firms reimburse users who fall prey to fraud. Further, it would also strengthen the New York State Department of Financial Services’s (NYDFS) control over digital assets in the state, James wrote in the statement.</p> 
<p>The bill, called “Crypto Regulation, Protection, Transparency and Oversight Act (CRPTO),” will be submitted to the New York State Senate and Assembly during the 2023 legislative session. Its approval would allow James’s office to impose civil penalties of up to $10,000 for each individual who breaks the law. For each violation by a crypto firm, the civil penalty would increase up to $100,000.</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p> 
 </div> 
</div> 
<h3 id="new-york-regulators-show-no-sign-of-stopping-clampdown-on-crypto">New York Regulators Show No Sign of Stopping Clampdown on Crypto</h3> 
<p>James’s proposal for the new law marks the latest effort by New York state regulators in their crackdown on the crypto industry this year. In March, the Attorney General’s office <a href="https://tokenist.com/new-york-ag-sues-kucoin-claims-eth-luna-ust-securities-and-commodities/" rel="dofollow" class="deco-link">filed a lawsuit</a> against the crypto exchange Ku Coin, accusing the company of providing brokerage services without properly registering.</p> 
<p>Similarly, the <a href="https://tokenist.com/busd-issuer-ordered-to-stop-minting-new-tokens-report/" rel="dofollow" class="deco-link">NYDFS ordered</a> crypto firm Paxos to stop issuing new Binance USD (BUSD) tokens, alleging that the dollar-backed stablecoin is an unregistered security. More recently, the New York regulator <a href="https://tokenist.com/nydfs-adopts-new-supervisory-fees-rule-for-crypto-companies-with-bitlicense/" rel="dofollow" class="deco-link">adopted new rules</a> allowing it to collect supervisory fees from licensed crypto companies.</p> 
<p>But not only the New York watchdogs are cracking down on crypto. The rapidly-growing digital asset industry has drawn the attention of multiple federal and government agencies, such as the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), following a series of <a aria-label="high-profile collapses (opens in a new tab)" href="https://www.npr.org/2022/12/29/1145297807/crypto-crash-ftx-cryptocurrency-bitcoin" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">high-profile collapses</a> in 2022 that affected millions of crypto investors.</p> 
<div class="cta-sub js__cta-sub"> 
 <div class="cta-sub__start" data-step="1"> 
  <div class="cta-sub__title">
   <strong>Finance is changing.</strong>
  </div> 
  <div class="cta-sub__subtitle">
   Learn how, with Five Minute Finance.
  </div> 
  <div class="cta-sub__excerpt">
   A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
  </div> <button type="button" class="btn">Try it out (for free)</button> 
 </div> 
 <div class="cta-sub__form" data-step="2" style="display: none;"> 
  <script type="text/javascript" src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&amp;webforms_id=zw3Wv"></script> 
 </div> 
 <div class="cta-sub__result" data-step="3" style="display: none;"> 
  <div class="cta-sub__title">
   Awesome
  </div> 
  <div class="cta-sub__caption">
   You’ve subscribed.
  </div> 
  <div class="cta-sub__greeting">
   You’re well on your way to being in the know.
  </div> 
 </div> 
</div> 
<p><em><strong>What will happen with the US crypto industry if regulators continue tightening industry rules? Let us know in the comments below.</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/new-york-ag-plans-to-tighten-crypto-regulations-with-new-proposal/">New York AG Plans to Tighten Crypto Regulations with New Proposal</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

New York AG Plans to Tighten Crypto Regulations with New Proposal

目次

Tokenist

2023年5月5日公開の他の記事

BitDAO Makes a Bold Move as It Proposes to Unify Ecosystem Under Mantle for Web3 Supremacy

EMG Proudly Announces Strategic Partnership with BullPerks

Creditors of Bankrupt Crypto Broker Voyager Digital Hopeful for Initial Distributions in Coming W...

Kenya Proposes 3% Tax On Crypto Transfers

Polygon And Polkadot (DOT) Are Losing Holders To Tradecurve (TCRV)

The Bistroo Breakdown: Monthly Progress Report — April 2023

ニュースレターを購読して暗号資産の最新情報を毎日入手！