Manhattan DA Pushes for Stronger Crypto Enforcement
- Manhattan District Attorney Alvin Bragg urged New York lawmakers to criminalize unlicensed crypto operations.
- Bragg highlighted a $51 billion criminal economy thriving in regulatory blind spots, facilitating money laundering and organized crime.
- He called for mandatory licensing and know-your-customer requirements for all crypto businesses, backed by criminal penalties.
- New York could become the 19th state to criminalize unlicensed crypto operations under this proposal.
- Ari Redbord emphasized the need for law enforcement to have the tools and expertise to effectively combat crypto crime.
Bragg’s proposal aims to close loopholes that allow unlicensed operators to evade prosecution while engaging in large-scale money laundering activities. The focus on mandatory licensing and KYC rules is intended to enhance systemic accountability in the crypto space.
The initiative underscores the growing recognition of cryptocurrency’s role in facilitating illicit activities, with experts stressing that success will depend on law enforcement’s technical capacity and legal clarity. (Source)
