New York Attorney General Letitia James has reiterated her firm stance against fraud and non-compliance with the law in the cryptocurrency sector.
Letitia James maintains her anti-crypto stance
Following the recent $2 billion landmark deal with crypto lender Genesis, James emphasized the importance of regulatory compliance for all crypto entities operating in the sub-state. state.
“Cryptocurrency companies have to follow the same rules as everyone else. We will pursue those who do not play by the rules.”
Last week's settlement with Genesis marked a record in New York's legal history. In October 2023, the legal action stemmed from allegations that Genesis misled investors about the risks associated with its operations. As a result, Genesis must return the fraudulent funds to the affected parties and will cease operations in New York.
Since becoming New York Attorney General in 2018, James has taken an aggressive approach to cryptocurrency regulation, launching multiple crackdowns against companies in the industry, claiming that all both to ensure the cryptocurrency market complies with applicable laws.
In January 2023, James sued Alex Mashinsky, former CEO of Celsius, accusing him of defrauding more than 26,000 New Yorkers. By July of the same year, Mashinsky was arrested after facing legal charges from multiple US regulatory agencies such as the Securities and Exchange Commission (SEC).
In March 2023, James filed a lawsuit against cryptocurrency exchange KuCoin for allegations of operating as an unregistered securities trading platform, engaging in the unauthorized buying and selling of securities and commodities.
Additionally, James waged a long-running battle with Tether and cryptocurrency exchange Bitfinex, starting in April 2019. This confrontation culminated in February 2021 with the agreement of 18,000 fines. 5 million dollars.
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