New York Proposes 'Landmark' Crypto Law for Strongest Regulations in US

New York State Attorney General Letitia James has proposed a "landmark" crypto legislation that claims to be "the strongest and most comprehensive set of regulations on cryptocurrency" in the United States. The proposed bill, called the "Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act," would increase transparency, eliminate conflicts of interest, and impose measures to protect investors, consistent with regulations imposed on other financial services. The bill would also require independent public audits of cryptocurrency exchanges, strengthen the New York State Department of Financial Services' regulatory authority of digital assets, and bolster investor protections by enacting and codifying "know-your-customer" provisions.