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**New York Attorney General urges Congress to enact federal crypto regulation**
In a recent statement, Letitia James, the 67th Attorney General of the State of New York, has urged Congress to take immediate action in enacting federal regulations for cryptocurrencies. This call to action comes as part of her ongoing efforts to ensure the safety and security of cryptocurrency investors and users in the state.
As a leading figure in the crypto regulatory landscape, James emphasized the importance of establishing clear guidelines and standards for decentralized finance (DeFi) platforms and digital assets. In her statement, she highlighted the need for comprehensive federal regulations that would provide a unified framework for all 50 states to follow.
“Given the rapid growth and widespread adoption of cryptocurrencies, it is imperative that we take a proactive approach in addressing the legal and regulatory voids surrounding this industry,” James stated. “I urge Congress to prioritize the development and passage of federal regulations that ensure consumer protection and safeguard investors’ interests.”
James’s plea comes as no surprise, considering her office has been actively working on promoting transparency and accountability within the crypto space. In recent years, her team has successfully cracked down on fraudulent schemes and unregistered securities offerings.
The attorney general’s statement also underscores the pressing need for regulatory clarity in light of growing concerns regarding DeFi platforms’ lack of oversight. The decentralized nature of these systems makes it difficult to track transactions and identify potential risks or vulnerabilities.
“We must acknowledge that the absence of federal regulations creates an environment conducive to malicious activities, including market manipulation, fraudulent schemes, and Ponzi scams,” James noted. “By establishing a unified regulatory framework, we can prevent such abuses and protect investors from harm.”
James’s remarks have sparked reactions within the crypto community, with many experts echoing her concerns about the urgent need for federal regulations.
Gino Matos
Source: https://cryptoslate.com/new-york-attorney-general-urges-congress-to-enact-federal-crypto-regulation/
