N.Y. AG proposes landmark crypto law

New York State Attorney General Letitia James at a news conference in Manhattan on March 28, 2019. (Byron Smith/New York Daily News/TNS)

New York Attorney General Letitia James proposed a state law to tighten rules over cryptocurrency companies in her latest swing at an industry she claims is suffering from “rampant fraud and dysfunction.”

Under her proposal, New York would require independent public audits of crypto exchanges and bar people from owning both brokerages and tokens to prevent conflicts of interest. In a statement Friday, James called her proposal “the strongest and most comprehensive set of regulations on cryptocurrency in the nation.”

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