Manhattan DA Urges Lawmakers to Strengthen Crypto Enforcement Tools
Manhattan District Attorney Alvin Bragg called on New York state lawmakers to criminalize unlicensed cryptocurrency operations, citing a $51 billion illicit crypto economy used for laundering proceeds from guns, drugs, and fraud. Bragg urged closing legal loopholes that let unlicensed operators, including crypto ATMs with high fees, evade prosecution and facilitate money laundering. He advocated for mandatory licensing and know-your-customer (KYC) requirements for all crypto businesses, proposing criminal penalties for violations. Bragg argued that enforcement shouldn't rely on criminals' mistakes and pushed for making New York the 19th state to criminalize such activity. Concerns about crypto scams, particularly targeting the elderly, were raised, referencing legislative proposals like the R.I.P.O.F.F. act to help victims recover stolen assets. Citing recent federal action against crypto fraud and data showing record levels of illicit crypto flows, experts highlighted the need for law enforcement tools, training, and court readiness to effectively prosecute crypto-related crimes and leverage blockchain transparency for accountability.
