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CR praises New York Attorney General’s proposed bill to strengthen state oversight of cryptocurrency industry

YONKERS, NY — Consumer Reports applauded proposed legislation by New York Attorney General Letitia James today that aims to strengthen state oversight of the cryptocurrency industry to better protect consumers, investors and the broader financial system.

“The Attorney General’s proposed legislation positions New York to once again be a leader in developing sensible regulation of virtual currencies,” said Delicia Hand, director of financial fairness for Consumer Reports. “By expanding New York’s General Business law to include specific oversight of stablecoin businesses and disclosure requirements for crypto brokers and influencers, this bill strengthens the state’s ability to protect consumers and the broader financial system by improving transparency, addressing potential conflicts of interest, and establishing clear investor safeguards. We look forward to continuing working with the Attorney General to strengthen the bill and ensure consumers are protected, at the state and federal level, as the industry grows.”

Last month, Hand testified at a hearing held by the House Financial Service Committee’s Subcommittee on Digital Assets on the need to pass legislation that creates a strong regulatory framework overseeing stablecoin cryptocurrencies to protect consumers from unreasonable risks.  Hand urged its members to continue working on bipartisan legislation governing stablecoins to help foster responsible innovation, financial stability, and financial inclusion.

Michael McCauley, michael.mccauley@consumer.org, 415-902-9537