New York Attorney General Letitia James has warned the US parliamentary leaders on how to regulate Cryptocurrency, especially Bitcoin and other virtual currencies, to weaken the US dollar. She urged more powerful federal rules to protect investors from the use of fraud and crime in the Cryptocurrency market.
NY’s top lawyers require more strict encryption restrictions.
James emphasized the importance of the federal regulatory system for digital currencies in Congress. She confirmed that this type of currency, which lacks regulations, is exposed to fraud and financial volatility.
Bitcoin presents a real threat to the current dollar dominance. In particular, James said that more business and individuals choose digital calls when they send money abroad.
Her concerns reverberate for people of Blackrock CEO Larry Fink. He suggested that Bitcoin can play a role in the dollar due to US financial problems and increased inflation.
James said, “Millions of New Yorkers are actively purchasing, selling or holding cryptocurrency and other digital assets, and they are eligible to be further protected.
New: this morning @Newyorkstatea Letitia James sent a letter to parliamentary leaders. @Leaderjohnthune,,, @senschumer,,, @speakerjohnson and @Repjeffries We urge you to pass the federal regulatory framework for digital assets to ease fraud, criminal acts and finance. pic.twitter.com/yjdgBQDBT
ELEANOR TERET April 10, 2025
Stablecoin protection measures and investor protection measures
The Attorney General focused on Stablecoins, Cryptocurrencies, who is immersed in stable assets such as the US dollar. She asked lawmakers to enact a provision of the STABLECOIN issue in the United States and to support the tokens with the US dollar or the Treasury.
James explained how Stablecoins promotes value exchange among various cryptocurrencies, but without regulations, it can manipulate and fraud.
She also caused tremendous financial losses, demanding greater protection from encryption fraud. James said, “Thousands of New Yorkers and investors from all over the country have lost millions of dollars in cryptocurrency fraud and fraud, which can be avoided with stronger federal rules.”
Keep your password from the Retirement Fund
James actually warned of digital assets in retirement accounts such as IRA. She argued that Cryptocurrencies was too fluctuating and dangerous to the retirement savings plan, and cited Bitcoin’s extreme price fluctuations as evidence of instability that could cause injuries to individuals’ financial welfare, especially retirees who depended on savings. This is because financial institutions such as Fidelity have begun to provide encryption IRA options to customers.
James insisted that in addition to the protection of investors, thorough encryption regulations will improve national security. She explained that the purchase of Cryptocurrency is generally anonymous and used for criminal acts, so the government must enforce a strict rules for mandatory encryption companies to register in regulators and comply with the anti -money laundering protocol.
Dado Ruvic/Reuters’ main image, TradingView chart
