• Several New York lawmakers are backing the new Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act proposed by Attorney General Letitia James.
• The act requires crypto firms to refund customers defrauded on their platform and forces crypto companies to undergo auditing.
• The bill also prevents manipulation of cryptocurrency markets and enhances consumer protections in the state.
Growing Bitcoin Transactions
The growing number of Bitcoin transactions has highlighted the importance of the Lightning Network, which is a second layer solution allowing for faster payments with lower fees. This has been further bolstered by news that Binance listing pushed Floki and Pepe up more than 50%, WSB rallying over 200% after suspect offers refund option, and Voyager intending to start returning customer funds in coming weeks.
NY CRPTO Act
New York Attorney General Letitia James has revealed a proposed bill that would extend regulatory authority over crypto firms – the Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act. The act aims to protect investors, consumers and the broader economy from fraud in the cryptocurrency industry by requiring crypto firms to refund customers defrauded on their platform and forcing them to undergo public and independent auditing. The bill will also prevent manipulation of cryptocurrency markets and enhance consumer protections in the state.
Several New York lawmakers have thrown their weight behind New York’s new CRPTO act as it seeks common-sense measures like ending frauds in the crypto space which could lead to billions of dollars lost for investors – especially low-income investors or people of color – as well as protecting consumers from manipulation of cryptocurrency markets.
The proposed legislation will help protect consumers from potential frauds while providing greater oversight over crypto firms operating in New York State. It is an important step forward towards ensuring investor safety while preventing any illegal activities such as market manipulation or other nefarious activities while using cryptocurrencies.