New York Attorney General Letitia James submitted testimony to the Senate Committee on Homeland Security and Governmental Affairs' Permanent Subcommittee on Investigations, calling for stronger regulations on cryptocurrency platforms to protect consumers and investors from scams. The testimony details the flood of cryptocurrency scams costing Americans billions annually and criticizes the Digital Asset Market Clarity Act for undermining state enforcement efforts.
In-house legal teams should review vendor agreements with cryptocurrency platforms and intermediaries to ensure compliance with anti-money laundering (AML) and know-your-customer (KYC) requirements, as well as cybersecurity protocols. Clauses related to fraud prevention, platform liability for scams, and data tracing (e.g., prohibition on untraceable transactions) may need updating to align with the regulatory framework urged by the NY AG. Additionally, contracts should include provisions for transparency and reporting obligations to protect consumers and investors.
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New York Attorney General's Office
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Financial ServicesOfficial Press Release
https://ag.ny.gov/press-release/2026/attorney-general-james-urges-congress-strengthen-oversight-cryptocurrency
cryptocurrency scams congressional testimony 2026 0
https://ag.ny.gov/sites/default/files/letters/cryptocurrency-scams-congressional-testimony-2026_0.pdf
New York Attorney General Enforcement Page
https://ag.ny.gov/press-releases
"New York Attorney General Letitia James"
"cryptocurrency scams costing Americans billions of dollars every year"
"Digital Asset Market Clarity Act"
"Electronic Funds Transfer Act"
New York Attorney General Letitia James issued guidance to New Yorkers donating to Venezuela earthquake relief, warning about fraudulent charities and scams. The guidance provides tips on verifying charities, avoiding phishing, and reporting suspicious organizations.
New York Attorney General Letitia James issued a consumer alert reminding businesses and consumers of legal requirements for e-bikes and e-scooters, including speed limits, motor wattage, labeling, and age restrictions, following recent fatal crashes. The alert warns against selling vehicles that exceed legal limits as e-bikes or e-scooters, which may instead be classified as e-motos, mopeds, or motorcycles requiring registration, licensing, and insurance.
New York Attorney General Letitia James led a bipartisan coalition of 49 other attorneys general in urging the Federal Communications Commission (FCC) to strengthen its Know Your Customer (KYC) rules. The letter calls for enhanced due diligence requirements on phone companies to better detect and prevent illegal robocalls, which cost Americans billions annually.
New York Attorney General Letitia James released final rules implementing the SAFE for Kids Act, which requires social media companies to restrict algorithmically personalized feeds and nighttime notifications for users under 18 unless they obtain parental consent. The rules establish age assurance standards, parental consent procedures, and data minimization requirements, with civil penalties of up to $5,000 per violation for noncompliance.
New York Attorney General Letitia James obtained a temporary restraining order from the U.S. District Court for the Northern District of California blocking Paramount Skydance Corp.'s proposed $110 billion merger with Warner Bros. Discovery, Inc. The lawsuit alleges the merger would illegally reduce competition in film and television, leading to higher prices and fewer choices for consumers.
$18.0M
New York Attorney General Letitia James and a bipartisan coalition of 42 other attorneys general secured an $18 million settlement from genetic testing company 23andMe for failing to protect customers' private genetic data. The October 2023 data breach exposed sensitive genetic information of 6.9 million consumers, including 305,245 in New York, with some data published for sale on the dark web. The settlement includes monetary penalties and new data protection requirements for the company and its successor, 23andMe Research Institute.