NY Attorney General proposes comprehensive cryptocurrency regulations to crack down on fraud.

New York State Attorney General Letitia James has proposed the Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act, which would ban cryptocurrency exchanges from trading their own tokens and prevent market manipulation or embezzlement. The legislation would also require independent audits of cryptocurrency companies and force brokers and lenders to reimburse customers who have lost assets due to fraudulent transfers. The Attorney General would be allowed to issue fines of up to $10,000 per violation per individual and $100,000 for companies. The bill seeks to protect New York investors and bring regulations and oversight to the cryptocurrency industry.