NY AG Issues Warning for Crypto Companies

NY Attorney General Letitia James has issued a warning to cryptocurrency companies, stating that she will not hesitate to take action against those who do not comply with regulations. Recently, James announced a $2 billion settlement with Genesis, a cryptocurrency lender, highlighting the lack of oversight that led to significant losses for victims. This settlement also resulted in Genesis being prohibited from operating in New York. James, who became the state’s attorney general in 2018, has been cracking down on various cryptocurrency companies since her election. She has taken legal action against firms like Tether, Bitfinex, Coinseed, and KuCoin, resulting in significant fines. The increased regulatory scrutiny has prompted cryptocurrency firms to ramp up their lobbying efforts, with a recent report revealing that they have spent $149 million to gain support in Congress.