New York Attorney General Letitia James has warned the cryptocurrency industry to “play by the same rules as everyone else.” This stern message, posted on her official X account on May 25, signals her office’s ongoing commitment to strict enforcement.
James, in office since 2018, has a history of rigorous actions against crypto firms, such as Tether and Bitfinex, resulting in an $18.5 million fine in 2019. More recently, her office secured a landmark $2 billion settlement with Genesis Global, which must return $3 billion to its customers after filing for Chapter 11 bankruptcy.
A notable feature is the creation of a victims fund to aid defrauded investors, including 29,000 New Yorkers who invested $1.1 billion through Gemini Earn. Such settlements highlight James’ strategic efforts to regulate the crypto sector effectively and protect investors.
James’ actions have established her office as a powerful force in crypto regulation and underscore the importance of legal compliance for industry players.
