New York Attorney General Letitia James has urged Congress to pass legislation creating a federal regulatory framework for cryptocurrencies. In a letter to top congressional leadership, James argued that digital asset investors need stronger protections from scams and fraud.
James recommended requiring crypto companies to register with a federal agency and setting minimum listing standards for crypto tokens. Stablecoins, which maintain a constant value, should also be subject to stricter regulations, including U.S. presence requirements and the deposit of cash equivalents in American banks.
The move comes as Congress is likely to pass a bill creating stablecoin rules for the first time. The digital asset industry has significant influence in Washington after spending over $119 million on pro-crypto congressional candidates last year.
James’ call for stronger regulations follows President Donald Trump’s efforts to overhaul U.S. cryptocurrency policies. Bo Hines, who leads the White House Council of Advisers on Digital Assets, aims to pass a stablecoin bill before August.
Source: https://www.reuters.com/technology/new-york-attorney-general-urges-congress-bolster-crypto-regulations-2025-04-10