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
Industry
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 joined eight other attorneys general in issuing a statement criticizing a DOJ judicial misconduct complaint against nearly all federal district court judges in Minnesota. The release concerns judicial independence, not a privacy enforcement action; it announces no penalty or privacy-related remedy.
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.
$500K
New York Attorney General Letitia James secured a settlement with Bloomberg L.P. after finding that Bloomberg News failed to clearly disclose subscription price increases and automatic renewals, provide required acknowledgments and renewal notices, and make cancellation sufficiently easy. Bloomberg must pay $500,000 in penalties, provide refunds to eligible subscribers, and improve its subscription disclosures and practices.
$220.0M
New York Attorney General Letitia James and a bipartisan coalition secured a $220 million settlement from General Motors LLC for selling drivers’ personal driving and location data to data brokers without adequate disclosure or consent. GM must limit the driving data it collects and implement privacy assessments and dealership oversight and training.
New York Attorney General Letitia James and a coalition of 24 other states and the District of Columbia challenged a federal rule imposing additional proof requirements on some medically frail Medicaid recipients. The U.S. District Court for the District of Massachusetts granted summary judgment, declaring a central provision of the rule illegal and blocking it.
$24K
New York Attorney General Letitia James secured a settlement with Frank W. Cawood & Associates, Inc. over mailers that advertised books as free or no-risk while obscuring payment and return terms. The company must end the program in New York, pay $23,500, and provide refunds to eligible consumers.