NEW YORK (WBNG) — New York Attorney General Letitia James urged Congress to pass legislation strengthening cryptocurrency regulations.
Officials said the lack of strong federal cryptocurrency regulations increases the risk of fraud, criminal activity and financial instability.
James argued that federal regulations would bolster America’s national security, strengthen its financial markets and protect investors from cryptocurrency scams, which now account for 10% of all financial fraud and 50% of all losses from financial fraud.
James is asking lawmakers to pass legislation covering various proposals, such as backing stablecoins with US currency, promoting price transparency and disallowing digital assets in retirement accounts.
“Countless New Yorkers invest in cryptocurrency and digital assets, and more must be done to protect them and their money,” said Attorney General James. “Thousands of investors in New York and across the country have lost millions of dollars to cryptocurrency scams and fraud that could be prevented with stronger federal regulations…”
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