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New York’s Department of Financial Services would have stronger authority to regulate digital assets, with exchanges required to reimburse customers if they are defrauded, under a bill proposed by the US Attorney General on Friday. State, Letitia James, according to the media.
In recent months, James has taken action involving crypto firms Celsius, KuCoin and Nexo, claiming a number of crypto tokens are commodities or securities despite considerable gray area over the scope of the existing law, and the bill would also give him additional enforcement powers, according to articles by The Wall Street Journal and Bloomberg.
In March, James’ lawsuit against KuCoin claimed that tokens comprising ether (ETH) were securities that should have been registered with his office, and in a case against CoinEx made similar claims regarding the LUNA token. linked to the now defunct stablecoin terraUSD.
The bill still needs to be passed by state lawmakers to pass.
Earlier this week, Celsius founder Alex Mashinsky denied James’ claims that he misled investors about the crypto lender before it filed for bankruptcy last year, saying James had makes statements to investors.
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Sources 2/ https://www.coindesk.com/policy/2023/05/05/new-york-attorney-general-seeks-new-crypto-powers-for-state-regulators-report/?outputType=amp The mention sources can contact us to remove/changing this article |
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