Letitia James is the current Attorney General of New York and a staunch supporter of cryptocurrency regulations. She was elected in 2018 and previously served as the New York City Public Advocate, where she advocated for consumer protection and financial literacy initiatives.
As Attorney General, James has been a vocal advocate for strong cryptocurrency regulations to protect consumers from fraud or manipulation in crypto markets. In 2019, she launched an investigation into 13 major cryptocurrency exchanges over their lack of transparency about trading practices that may have caused significant losses to investors. Additionally, her office has released numerous public statements warning against fraudulent Initial Coin Offerings (ICOs).
In 2020, James proposed two pieces of legislation to provide greater oversight into cryptocurrency transactions: The Virtual Markets Integrity Initiative Act and The Stablecoin Tethering and Bank Licensing Enforcement Act. If passed by the legislature, these bills would create tighter controls on virtual currency platforms operating within the state’s boundaries; require more detailed information from companies offering digital currencies; compel banks involved with stablecoins like Tether to obtain a special license; increase enforcement capabilities against those who fail to comply with state law; and expand consumer protections related to cryptocurrencies held overseas or through foreign entities.
James’ efforts have been praised by many industry experts who believe increased regulation will help make crypto exchanges safer for consumers while also providing much needed clarity around crypto laws in New York State. Her work is part of larger trend towards increased regulation across all states which is expected to bring more mainstream acceptance of cryptocurrencies over time.
