AG James Warns Congress: Cryptocurrency Scams Threaten Consumers and National Security
New York Attorney General Letitia James is urging Congress to strengthen oversight of cryptocurrency companies to prevent scams and protect consumers. In written testimony submitted to the Senate Committee on Homeland Security and Governmental Affairs, AG James highlighted the need for increased regulation in the cryptocurrency market, citing a 'flood' of scams costing Americans billions of dollars annually.
The Attorney General's office has been at the forefront of combating cryptocurrency fraud, securing tens of millions of dollars in refunds and fines from major cryptocurrency brokers. However, AG James warns that the proposed Digital Asset Market Clarity Act would severely undermine state regulation, making it harder for her office to crack down on scams.
AG James emphasizes the importance of transparency in cryptocurrency markets, calling for increased regulations to prevent the funding of criminals and foreign enemies. She also urges Congress to pass a bill that would require cryptocurrency platforms to comply with anti-money laundering laws and know-your-customer regulations, among other provisions.