The regulations surrounding cryptocurrency in the United States have been a largely discussed subject since digital currencies began to attract general attention.
Now, the New York Attorney General, Letitia James has called for stronger federal regulations, stressing the need for better protection for investors.
This marks his next move after having directed a series of large -scale application measures against cryptographic companies accused of fraud.
Cryptocurrency in the United States
The adoption of cryptocurrency in the United States continues to grow. More and more platforms now accept payments in digital currencies, with digital products such as streaming subscriptions and software licenses bought commonly using crypto.
Cryptocurrencies also appeared as a popular payment method in online casinos due to the improved convenience and speed they offer. The game sites with Solana are available for players in the United States and continue to develop their user bases at a quick pace.
Digital currencies also continue to be an extremely popular investment option for Americans. Many consider tokens such as Bitcoin and Ethereum as long -term reserves of value and potential blankets against inflation. They also exchange them actively looking for short -term gains.
Young people and informed people are increasingly involved in cryptography projects while they are looking to enter into industry and achieve a profit, increasing the need for a more complete regulatory framework in the United States becomes more urgent.
Legislators are now acting on it while they are pressure for stronger federal regulations.
A call for stronger regulations
In his letter to the congress, the general prosecutor Letitia James urged legislators to establish more solid regulations on cryptocurrencies and digital assets.
Its position is that the United States must offer better protection against cryptocurrency scams, which continue to be a major problem in the world of cryptography.
In September 2024, the FBI reported that cryptographic scams in the United States amounted to $ 5.6 billion in 2023.
James, in his letter, said that personal issues for millions of Americans in New York and across the country are extremely high. Its position is that those who invest in the crypto are constantly in danger of crypto scams and fraud.
She said thousands of New York investors have already been victims of these frauds, causing millions of dollars in losses. James also stressed the importance of rapid actions to reduce risks and create a safer environment so that they can exchange.
In the letter, she suggested forcing cryptographic companies to register with a federal agency and to establish clear reference standards in place for which tokens can be listed.
The pressure for stronger crypto regulations obtains support from Washington while crypto becomes a greater political force. Reuters said that industry had spent around $ 245 million in the 2024 elections, supporting Pro-Crypto candidates.
As the role of digital currencies in politics increases, they will draw more attention from the legislators. President Donald Trump has been pleading for some time for general changes for American cryptography policies.
Its main advisor to digital assets, Bo Hines, also said that the White House hoped to adopt a new bill on stables before August.
The Crypto Pursuits of Letitia James
The Attorney General Letitia James acted as a leading figure in the regulation of the cryptocurrency industry, leading a series of application measures to protect investors and guarantee compliance with financial laws.
In January of this year, James brought legal action to recover $ 2.2 million in frozen stables from an alleged crook of crooks targeting New Yorkers looking for remote work. His trial has been designed to be extinguished in the portfolios controlled by crook, marking the first time that this method will be used to serve a trial in the United States
She previously filed a complaint against Novedechfx and AWS Mining in June 2024. The companies were accused of having managed illegal pyramidal regimes that have fraud hundreds of thousands of investors, including 11,000 of those in New York.
Its office also obtained a regulation of $ 2 billion with Genesis Global Capital in May 2024, resolving allegations according to which the company has misleaded investors on the risks associated with its Gemini Earn program. Consequently, a victims compensation fund was created and the company was forced to close its operations in New York.
Conclusion
While more and more people invest in the crypto and use it in their daily lives, there is no doubt that discussions on laws and regulations will continue. Legislators will seek to provide market stability and provide better protection to investors in attempts to combat scams in cryptography and fraud.
