New York Attorney General urges Congress to pass crypto regulations

New York Prosecutor General Letitia James urged legislators in the United States to adopt federal cryptocurrency legislation.

In her letter Thursday, April 10, the Attorney General James warned that the absence of a robust federal regulatory framework for the crypto increases the risk of fraud, crime linked to crypto and financial instability.

A solid legal framework would help to alleviate these potential risks and allow better protections for investors, said James. She approached the letter to the head of the majority of the Senate John Thune, the head of the Senate minority, Charles Schumer, the president of the American room Mike Johnson and the chief of the Hakeem Jeffries room.

She said New York has countless cryptocurrency investors and digital assets, and that legislators must do more to protect the investor and their money.

“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, “she said in a statement.

James said that legislators should demand that cryptographic companies register with a federal regulatory agency and set minimum rating standards for cryptographic tokens

James’ letter to Congress leaders one day comes after the Ministry of Justice announced that it was dismantling its cryptographic fraud investigation unit. He also comes on the back of notable progress in Washington concerning the regulation of Stablescoin, with legislators in the Senate and the House of Representatives who adopted key bills on stablecoins.

According to James, a federal legislative framework is expected to force stable stable emitters to have a presence in the United States that issuers, supports, should deposit their reserves of stable – American treasury and other cash equivalents – in local banks in the country.

The best stablecoins set to the US dollar include the attachment (USDT) and USDC de Circle (USDC).