As the U.S. government seemingly loosens its grip on the crypto industry, New York Attorney General Letitia James has issued a new warning to the sector. James, who recently announced the NYAG office’s $2 billion settlement with Genesis Global Capital, reinforced her stance on crypto companies this weekend.
Play By The Rules Or Else…
Last week, the New York State Attorney General’s Office reached a $2 billion settlement with bankrupt platform Genesis Global Capital. This development resolved the lawsuit filed by the NYAG’s Office in October 2023, marking the largest settlement against a crypto company in New York.
Following the settlement, NY Attorney General Letitia James vowed to maintain the office’s regulatory oversight in the sector and emphasized the importance of safeguarding New York investors:
“New York investors deserve the peace of mind that comes from a properly regulated marketplace, which my office will always act to achieve.”
Over the weekend, James reinforced her position towards companies in the sector on an X post. The NY Attorney General issued a new warning to the industry, telling all cryptocurrency companies operating in the state that they must comply like any other company.
According to the post, those who don’t follow the rules will be under the scrutiny of the Attorney General’s Office, which has secured over $2.5 billion in settlements from other platforms.
This announcement clearly demonstrates that regulatory compliance is non-negotiable and that the NYAG’s Office will continue to actively monitor and enforce regulations in the cryptocurrency sector.
