The Prosecutor General of Fresh York Letitia James issued a warning to the leaders of the US Congress on the regulation of cryptocurrency, especially as Bitcoin And other virtual currencies can bear the position of the US dollar around the world. She called on stronger federal regulations to protect investors against fraud and criminal operate on the cryptocurrency market.
The best lawyer NY requires more severe cryptographic restrictions
James emphasized the importance of a federal regulatory system for digital currencies in its congress list. She identified that the lack of regulation, this type of currency exposes users to fraud and monetary variability.
Bitcoin is currently a actual threat to the dominance of the dollar, especially since more companies and natural persons decide on digital currencies when sending money abroad, James pointed out.
Her fears reflect the fears of CEO Blackrock Larry Fink, who suggested that Bitcoin can serve as dollar protection Among American fiscal challenges and growing inflation.
“Millions of New Yorkers actively buy, sell or keep cryptocurrency and other digital resources and deserve further protection,” James wrote in her message.
Fresh: this morning @Newyorkstateag Letitia James sent a letter to congress leaders @LeaderjohnthuneIN @SenschumerIN @Speakerjohnson AND @Repjffries Calling them to adopt a federal regulatory framework for digital assets in order to relieve fraud, criminal and financial activities … pic.twitter.com/yjdgbqdbt
– Eleanor Terrett (@eleanorterrett) April 10, 2025
Stablecoin security and investor protection measures
The Prosecutor General has put special emphasis Stablecouinswhich are cryptocurrencies set for stable assets such as an American dollar. She called on legislators to establish provisions ordering that Stablecoin issuers be present in the US and support their tokens to American dollars or treasures.
James described how Stablecouins facilitate the exchange of values between different cryptocurrencies, but in the absence of regulation you can manipulate and cause fraud.
She also demanded more protection against cryptographic fraud, which caused huge financial losses. “Thousands of New Yorkers and investors throughout the country lost millions of dollars to fraud and fraud of cryptocurrencies, which can be avoided thanks to more solid federal regulations,” said James.
Keep the crypto away from pension funds
James actually warned against having digital assets in Retirement accounts Like ira. She claimed that cryptocurrencies were too unstable and risky in the case of retirement savings plans, citing extreme fluctuations in Bitcoin prices as evidence of instability capable of injuring the financial well -being of people, especially pensioners based on savings. This is due to the fact that financial institutions, such as Fidelity, began to offer customers with IRA cryptographic options.
In addition to the protection of investors, James also claimed that the exact cryptocurrency regulations would improve national security. She explained that cryptocurrency purchases are usually anonymous and used for criminal activities, which requires the implementation of the government to implement strict principles ordering cryptographic companies to register in regulatory bodies and comply with the protocols of counteracting money laundering.
A distinguished painting with Dado Ruvic/Reuters, chart from TradingView
