New York Lawyer General calls Congress to reinforce croptou regulations

Author: Hannah Lang

(Reuters) – Lawyers’ lawyer James invited legislations to make legislation to create a federal regulatory framework for cryptocurrency, claiming that they urgently need stronger protection.

In a letter of top leadership, including the leader of most Senate John Thune, James said lawmakers should require crops to register with the Federal Regulatory Agency and set minimal standards for crypts.

Why is it important

James’ letter comes as Congress appears likely to pass a Stephoin’s rules for the first time. StableCoins, type of cryptocurlenition designed for constant value, usually 1: 1 dollar PEG, which crippto trades usually use to move funds between other crypto tokens such as Bitcoin and Etra.

In her letter, James said lawmakers should demand Stablecoins to have the presence of the United States and transfer us to US cash registers and other equivalents in American banks.

Context

The digital property industry has seen a growing influence in Washington after spending more than $ 119 million in support of pro-cripto congress candidates in last year’s elections.

President Donald Trump sought to greatly review American cryptocurlency policies after the court of cash from the sector during his presidential campaign.

Bo Hines, who lead Trump advisors to the digital asset, said last month that the White House wants to move the proposal by Stablecoin before August.

Key City

“Countless New Yorkers invest in cryptocurrency and digital property and more must be done to protect them and their money,” James said. “Thousands of investors in New York and across the country lost millions of dollars for cryptocurnent frauds and frauds that could be prevented by strong federal regulations.”

(Reporting Hannah Lang in New York; Editing by Marguerita Choi)