Meet CRPTO Act

As promised, the New York Attorney General has released proposed crypto legislation, CRPTO Act. The legislation would Stop Conflicts of Interest, Require Public Reporting of Financial Statements, and Bolster Investor Protections. Investor protections include brokers would have to know essential facts about their customers, and requiring crypto brokers and marketplaces to only conduct business with firms that comply with KYC provisions; banning the use of the term “stablecoin” unless the currency is backed by U.S. currency; and requiring platforms to reimburse customers who are the victims of unauthorized asset transfers and transfers resulting from fraud.