New York Prosecutor General Letitia James urged legislators on Thursday to adopt legislation in order to create a federal regulatory framework for cryptocurrencies, arguing that digital asset investors need stronger protection urgency.
In a letter to the management of the Congress, notably the head of the majority of the Senate, John Thune and the president of the American chamber, Mike Johnson, James said that the legislators should demand that cryptographic companies register with a federal regulatory agency and set minimum rating standards for cryptographic token.
James’ letter intervenes as a congress seems likely to pass an invoice Creation of Stablecoin rules for the first time. Stablecoins, a type of cryptocurrency designed to maintain a constant value, generally an ankle of 1: 1 dollar, are commonly used by cryptographic traders to move funds between other cryptographic tokens such as bitcoin and ether.
In his letter, James said that legislators should demand that Stablecoin issuers have an American presence and deposit American treasury bills and other cash equivalents in American banks.
The digital asset industry has experienced an increasing influence in Washington after spending more than $ 119 million Support the candidates of the Pro-Crypto Congpression in the elections of last year.
President Donald Trump sought to largely revise American cryptocurrency policies After having run money of the sector during its presidential campaign.
Bo Hines, who heads the Trump advisers’ council on digital assets, said last month that the White House wanted a stable bill was adopted before August.
“Countless New Yorkers are investing in cryptocurrency and digital assets, and you have to do more to protect them and their money,” said James. “Thousands of investors in New York and across the country have lost millions of dollars because of the scams and fraud of cryptocurrencies that could be prevented with stronger federal regulations.”
(Report by Hannah Lang to New Yorkediting by Marguerita Choy)
Subjects
New York legislation
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