NY AG James Demands Federal Crypto Crackdown: "Protect Investors or Face the Music!"

Urgent Call to Action as Crypto Scams Soar

Hold onto your hats, crypto fans! New York Attorney General Letitia James isn't playing around. She's just fired off a blazing letter to the big shots in Congress, demanding they get their act together and pass federal crypto laws, pronto.

On Thursday, April 10, AG James dropped the hammer, warning that without a solid federal framework, we're looking at a wild west of fraud, crypto crime, and financial chaos. She's not messing around - she wants action now.

James isn't just blowing smoke. She's laying out a plan to keep investors safe and the market stable. Her letter went straight to the top - Senate Majority Leader John Thune, Senate Minority Leader Charles Schumer, U.S. House Speaker Mike Johnson, and House Minority Leader Hakeem Jeffries. She's telling them to step up or step aside.

New York's got a ton of crypto investors, and James says it's high time lawmakers started looking out for them. She's seen too many folks lose their life savings to shady crypto schemes, and she's had enough.

"Thousands of investors in New York and across the country have lost millions of dollars to cryptocurrency scams and fraud that could be prevented with stronger federal regulations. I am urging Congress to pass legislation that would strengthen federal regulations on the cryptocurrency industry to protect investors, strengthen financial markets, and stop fraud," she declared, not mincing words.

James is calling for crypto companies to be forced to register with a federal watchdog and set some serious standards for listing their tokens. No more free passes for the crypto cowboys.

This bombshell comes hot on the heels of the DOJ pulling the plug on its crypto fraud unit, and just as Washington starts making moves on stablecoin laws. It's like a perfect storm hitting the crypto world.

James is also gunning for stablecoin issuers, saying they need to set up shop in the U.S. and keep their reserves - U.S. Treasuries and cash - in local banks. She's not letting them off the hook.

And let's not forget the big players in the stablecoin game - Tether (USDT) and Circle's USDC. They're the ones James has her eyes on.