AG James Slams Cryptocurrency Scams, Calls for Stronger Regulations
New York Attorney General Letitia James has called on Congress to strengthen oversight of cryptocurrency companies and protect consumers from scams. In written testimony submitted to the Senate Committee on Homeland Security and Governmental Affairs, AG James details the flood of cryptocurrency scams costing Americans billions of dollars every year.
According to AG James, complaints about cryptocurrency scams have tripled in New York over the last three years, with nearly half a billion dollars in losses reported to her office over the past five years. The OAG has led the nation in holding cryptocurrency companies accountable for failing to protect investors from scams.
AG James urges Congress to implement stronger regulations on the cryptocurrency market, including requiring platforms to comply with anti-money laundering laws and know-your-customer regulations. She also calls for a ban on elected officials and those who recently served in government from regulating cryptocurrency, citing concerns about transparency and potential conflicts of interest.