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Will New York regulate cryptoassets in 2023?

Buildings in Manhattan, New York On Friday, May 5, 2023, New York Attorney General Letitia James (“AG”) announced sweeping legislation to regulate the cryptoasset industry. The bill’s purported intent is to “protect customers and investors in digital assets from fraudulent practices, eliminate conflicts of interest and increase transparency.”

What does New York attorney general Letitia James say about cryptocurrency?

NEW YORK – New York Attorney General Letitia James today announced landmark legislation to tighten regulations on the cryptocurrency industry to protect investors, consumers, and the broader economy.

What is New York's New Cryptocurrency Law?

In May, Attorney General James announced sweeping cryptocurrency legislation that will increase regulations of the cryptocurrency industry to protect New York investors. In January, Attorney General James and a multistate coalition recovered $24 million from the cryptocurrency platform Nexo for operating illegally.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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