New York Bill Proposes Regulation to Fight Crypto Crime
New York State Representative Clyde Vanel introduces a bill to try to legislate crypto regulations scam. The bill defines various encryption-related crimes as fraudulent acts, but limits the resulting fines.
The crypto community responded positively to the work on the grounds of unprecedented torrent of scams. Federal regulators have recently reduced crypto enforcement, but legislative efforts can pass new constructive regulations.
New York Act Plans Crypto Regulations
US Crypto Regulations At the moment, New York State Representative Clyde Vanel may be able to provide a solution. Since President Trump took office, federal regulators like the SEC have been Claims that they have no jurisdiction Crypto law enforcement and Give up a series of lawsuits.
To this end, Vanel proposes a new bill Clarify encryption regulations.
“The citizenship fine of any person, partnership, company, company, trust or association, developer or any person who violates this section shall not exceed $5 million or not exceed 20 years, or both.” These less fees apply to individuals, while the organization may face fines of up to $25 million.
Vanel’s crypto regulations bill sets itself an ambitious task. The part about penalties is a fair model, but its various regulations define the majority of the entire Web3 industry.
The bill describes several different types of scams, thefts and other crimes, which are legally defined as fraud. These definitions apply not only to cryptocurrencies; they also cover NFT, blockchain, defi Projects and more.
So far, the crypto community has responded favorable under the proposed regulations of the bill. It’s easy to understand why, because the community is trapped In an unprecedented scam.
this The biggest crypto hack everSocial Engineering Scam A lot of rakesand Fake political meme coins The scam is in progress Launched by the current head of state.
In short, the community is worried These scams can damage the credibility of encryption. Therefore, a bill that actually hammers a beneficial regulation can be very useful.
Under the Biden administration, federal regulators have led allegations of crypto crimes, raising concerns about excessiveness. Perhaps legislative efforts can change these views.
Since Vanel introduced the bill to New York, its proposed regulations could have serious implications if passed. The state is a key financial hub for U.S. and New York-based prosecutors Handle some of the biggest crypto crimes.
Vanel’s efforts are not even particularly severely punished; it is more important to legally define these behaviors as fraud. For example, the southern New York region sentenced Sam Bankman to a higher fine and jail time than Vanel’s bill allowed.
However, it is too early to say whether the bill has passed. The initial response from the community was positive, but other opinions may reveal.
Furthermore, Vanel introduces this without any co-sponsors. Democrats have a firm grasp of New York, so there is no need for Republican cooperation, but the bill may still die on the committee.
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