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ARTICLE · 23 MAY 2023

NYAG Bill Seeks To "Bring Order" To Crypto Industry

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On May 3, 2023, New York Attorney General Letitia James introduced legislation that, if passed, would substantially increase oversight and regulation of the cryptocurrency industry in New York.

United StatesTechnology
Jeff Kern
Jeff Kern
Elizabette Privat
Elizabette Privat
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On May 3, 2023, New York Attorney General Letitia James introduced legislation that, if passed, would substantially increase oversight and regulation of the cryptocurrency industry in New York. James touts the bill as the "Crypto Regulation Protection, Transparency and Oversight Act," also to be known as the "CRPTO Act." (the "Bill").

Its purpose is to "amend the general business law, in relation to the regulation of digital assets and the transfer of such assets; to amend the financial services law in relation to the authority of the department of financial services." The Attorney General's office intends to submit the bill to the New York legislature for consideration during the current legislative session, which is scheduled to run until June 8, 2023.

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