New York’s Attorney General, Letitia James, unveiled a 25-page bill last week to tighten state crypto regulation. In a related press release, more than two dozen state politicians, former regulators, and policy experts endorsed the bill, hailing it as a major step forward in bringing the volatile industry to heel.
Despite the apparent support for the proposed legislation, it touched off a behind-the-scenes debate as influential figures warned it would undercut the authority of another powerful agency—the New York Department of Financial Services. The office, run by Superintendent Adrienne Harris, is already a leading crypto regulator in the U.S. thanks to its groundbreaking BitLicense virtual currency program.
