NYAG Urges Congress for Federal Crypto Regulation
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New York Attorney General Letitia James sent a letter to congressional leaders urging the passage of federal legislation to establish a regulatory framework for crypto. The letter highlighted that the lack of national rules increases the risk of financial fraud, criminal abuse, and market instability. Crypto-related scams account for 10% of all financial fraud incidents and 50% of the total dollar losses from fraud cases, estimated at $12 billion in losses in 2024 alone. James asserted that stronger federal oversight would reduce losses, enhance investor protections, stabilize financial markets, and strengthen national security.
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