Bitrabo Editorial
New York Attorney General Letitia James has recently reinforced her stance on crypto companies by issuing a warning to the sector, emphasizing the need for compliance.
Settlement with Genesis Global Capital
The New York State Attorney General’s Office finalized a $2 billion settlement with Genesis Global Capital, marking the resolution of a lawsuit filed in October 2023. This settlement stands as the largest against a crypto company in New York.
Following the settlement, Letitia James reaffirmed the office’s commitment to regulatory oversight in the sector to protect New York investors.
James recently reiterated her position towards crypto companies, warning them to comply with regulations like any other business, with consequences for non-compliance.
Challenges from Crypto Investors
James’ warning faced criticism from US voters and crypto enthusiasts who questioned the singling out of cryptocurrencies and crypto companies. Some expressed concerns about the rules being referenced and the role of a State Attorney General in regulating the industry.
The recent passage of the Financial Innovation and Technology for the 21st Century Act by the US House of Representatives without the whipping vote has shown a shift in the government’s approach, potentially offering hope to investors amidst regulatory uncertainties.