Several New York lawmakers have thrown their weight behind New York’s new Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act.
On May 5, New York Attorney General Letitia James revealed a proposed bill that would further extend the scope of regulatory authority over crypto firms.
What is the CRPTO Act?
According to James, the landmark legislation will “tighten regulations on crypto industry to protect investors, consumers, and the broader economy.”
The regulatory chief tweeted that her office proposes common-sense measures to end fraud and dysfunction in the crypto space.
She noted that fraud in the cryptocurrency industry has led to the loss of billions for investors, with the greater impact felt by low-income investors and people of color.
“Banks and other financial services are regulated. The cryptocurrency industry must be too,” she said.
The proposed legislation requires crypto firms to refund customers defrauded on their platform and forces crypto c
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