NEW YORK (WBNG) — New York Attorney General Letitia James urged Congress to move laws strengthening cryptocurrency regulations.
Officers mentioned the shortage of robust federal cryptocurrency regulations will increase the chance of fraud, legal exercise and monetary instability.
James argued that federal regulations would bolster America’s nationwide safety, strengthen its monetary markets and defend traders from cryptocurrency scams, which now account for 10% of all monetary fraud and 50% of all losses from monetary fraud.
James is asking lawmakers to move laws protecting numerous proposals, equivalent to backing stablecoins with US forex, selling worth transparency and disallowing digital property in retirement accounts.
“Numerous New Yorkers put money into cryptocurrency and digital property, and extra should be carried out to defend them and their cash,” mentioned Attorney General James. “Hundreds of traders in New York and throughout the nation have misplaced thousands and thousands of {dollars} to cryptocurrency scams and fraud that might be prevented with stronger federal regulations…”
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