The Manhattan district attorney is calling on state lawmakers to pass the CRYPTO Act, which would criminalize businesses exchanging, transmitting or trading cryptocurrency without a virtual currency license.<\/p>\n
What You Need To Know<\/p>\n
There\u2019s a new effort by prosecutors and lawmakers to crack down on cryptocurrency-related scams in New York state
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The Crypto Act would criminalize unlicensed cryptocurrency businesses
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Officials say unlicensed crypto businesses have increasingly been used to launder money<\/p>\n
\u201cIf you\u2019re moving a million dollars of crypto, it would be a C felony, five to 15 year\u2019s imprisonment,\u201d Manhattan District Attorney Alvin Bragg explained.<\/p>\n
On Thursday morning, Bragg hosted a briefing with his office\u2019s Crypto Crime Bureau and state Sen. Zellnor Myrie. <\/p>\n
Myrie introduced the Crypto Act in the state Senate, saying more needs to be done to protect New Yorkers from cryptocurrency-related fraud.<\/p>\n
\u201cThe scams that are happening almost on a daily basis are happening to everyday New Yorkers,\u201d Myrie said.<\/p>\n
Local prosecutors are racing to keep up with the sophisticated new ways in which criminals are using technology and cryptocurrency.<\/p>\n
Investigators have found anonymously owned crypto ATM machines operating in local stores that have been used to launder money and pull off investment and romance scams.<\/p>\n
Bragg explained the passage of the Crypto Act would help crack down on unlicensed crypto ATMs.<\/p>\n","protected":false},"excerpt":{"rendered":"The Manhattan district attorney is calling on state lawmakers to pass the CRYPTO Act, which would criminalize businesses…\n","protected":false},"author":2,"featured_media":101844,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[109,25,3407,75,9,24,12,63,87,134,136,135,27],"class_list":{"0":"post-101945","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-staten-island","8":"tag-app-local-state-politics","9":"tag-app-top-stories","10":"tag-ayana-harry","11":"tag-manhattan","12":"tag-new-york","13":"tag-new-york-city","14":"tag-news","15":"tag-nyc","16":"tag-politics","17":"tag-staten-island","18":"tag-staten-island-headlines","19":"tag-staten-island-news","20":"tag-top-stories"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/101945","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=101945"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/101945\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/101844"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=101945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=101945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=101945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}