NY Attorney General proposes new regulations for cryptocurrency industry

New York's attorney general has proposed a bill called the Crypto Regulation, Protection, Transparency and Oversight Act, which aims to increase transparency and impose common-sense measures to protect investors in the cryptocurrency industry. The bill proposes one of the most comprehensive sets of regulations on cryptocurrency in the US, including mandatory independent auditing, conflict-of-interest disclosures, and cybersecurity requirements. If the bill becomes law, crypto exchanges could be required to reimburse victims of fraud. Cryptocurrency fraud is a burgeoning white-collar crime problem in the US, with cases increasingly becoming the focus for many state and federal prosecutors.