The New York Attorney General has proposed a new bill regarding cryptocurrency regulation, aiming to expand enforcement powers

ChainCatcher news, according to The Wall Street Journal, New York Attorney General Letitia James is proposing a new bill called the "Cryptocurrency Regulation, Protection, Transparency, and Oversight Act" (CRPTO), aimed at granting her office more power to regulate the crypto industry. The bill will give the Attorney General's office broader enforcement authority over cryptocurrency companies operating in the state, while stipulating that the New York State Department of Financial Services has the authority to issue licenses to participants in the industry and oversee the state's digital asset licensing regime. The bill will be submitted by Letitia James's office to the New York State Senate and Assembly for consideration during the 2023 legislative session, which will last until June 8.

The proposed legislation aims to control the crypto industry by requiring cryptocurrency exchanges to undergo independent public audits of their financial statements and to compensate defrauded customers. The bill also seeks to limit conflicts of interest in the industry, such as when the same person both issues tokens and owns the market for trading those tokens. Additionally, the bill will require cryptocurrency companies to implement KYC and prohibit the use of the term "stablecoin" to promote virtual currencies unless their value is pegged to the dollar on a one-to-one basis. (source link)