New York AG Calls for Federal Regulation of Digital Assets
- New York Attorney General Letitia James urged Congress to regulate digital assets, warning that cryptocurrencies like Bitcoin could threaten the U.S. dollar’s global dominance.
- James emphasized the need for a federal legal framework to protect investors from fraud and criminal activities in the digital asset space.
- She highlighted the risks of stablecoins and suggested they be backed by U.S. dollars or treasuries, with issuers having a U.S. presence.
- James discouraged including digital assets in retirement accounts due to their volatility and potential risk to financial security.
- The digital asset sector has significantly increased its lobbying efforts in Washington, spending over $119 million in support of pro-crypto candidates during the 2024 election cycle.
Attorney General Letitia James has called for stronger federal regulations on cryptocurrencies, highlighting their potential threat to the U.S. dollar’s global standing and urging safeguards against fraud and criminal misuse.
Source (2.6)https://coingape.com/new-york-ag-letitia-james-warns-congress-on-bitcoin-threat-to-dollar-dominance/?rand=24432
