Crypto Currently: New York Attorney General James Proposes Landmark Digital Asset Law

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Crypto Currently: New York Attorney General James Proposes Landmark Digital Asset Law

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Counseling clients on challenging banking and financial services issues and complex consumer financial services rules and regulations.
WilmerHale has played a leading role in shaping the rules that govern the financial services industry in the United States.

On May 5, New York Attorney General Letitia James announced a landmark legislative proposal—titled the Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act (hereinafter, the Proposal)—to tighten regulations on the digital asset industry. The Proposal, which Attorney General James called “the strongest and most comprehensive set of regulations on cryptocurrency in the nation,” has the stated purpose to “protect customers and investors in digital assets from fraudulent practices, eliminate conflicts of interest and increase transparency.”  It would add a new layer of regulation on top of the existing regulatory framework for digital assets in the state (i.e., BitLicense regime) and could challenge the business models of many digital asset companies that currently operate from or within New York State.

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