The prosecutor general of the State James sent a letter to the leaders of the Congress on April 8, exhorting them to adopt federal legislation to regulate cryptocurrencies.
His action comes after the United States Ministry of Justice announced a day before that he would dismantle his crypto efforts to apply fraud to focus on individual responsibility.
“The digital asset industry is essential for the country’s economic and innovation development,” said the MEMO of the DoJ. “Thus, as indicated in executive order 14178, clarity and certainty concerning the policy of application of the law” are essential to support a dynamic and inclusive digital economy in digital assets “. President Trump also clearly said that “(W) e would end regulatory armaments against digital assets”. ยปยป
The DoJ has specifically dissolved the national team of application of cryptocurrency and the unit of integrity of the market and major fraud.
The MIMF addressed regimes such as those involving consumption fraud, banking fraud, federal program fraud and fraud by government purchases, according to the DoJ. NCET worked to identify, investigate, support and continue cases involving criminal use of digital assets, with particular emphasis on virtual currencies, mixing and tumbling services, infrastructure providers and other entities that allow the abusive use of cryptocurrency and related technologies to make or facilitate criminal activity who use the techniques to cross the public.
“Countless New Yorkers are investing in cryptocurrency and digital assets, and you have to do to protect them and their money,” James said in a statement. “Thousands of investors in New York and across the country have lost millions of dollars because of the scams and fraud of cryptocurrencies that could be prevented with stronger federal regulations. I urge the congress to adopt legislation that would strengthen federal regulations on the cryptocurrency industry to protect investors, strengthen financial markets and stop fraud. “
Cryptocurrency fraud cost the Americans about $ 12 billion in 2024, according to James’ office.
About 26,000 New Yorkers have deposited and lost $ 440 million on a cryptocurrency negotiation platform called Celsius, according to the AG letter.
The founder and CEO of companies, Alex Mashinkgy, pleaded guilty to fraud and market manipulation diets in December 2024, said the DoJ.
The Clyde Vanel Assembly (D-Queens Village), president of the Internet subcommittee and new technologies, as well as the Banque Committee, have applauded James’ efforts to encourage the federal government to adopt a regulatory policy with regard to digital currencies.
“It is important for Americans, but New Yorkers, in particular, to participate in economic activities with protections, equity, equity and transparency,” said Vanel.
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