New York bill seeks criminal penalties for unlicensed crypto firms

New York State is advancing legislation to impose criminal penalties on cryptocurrency companies that operate without a license. Manhattan District Attorney Alvin Bragg and New York State Senator Zellnor Myrie have introduced the new bill, dubbed the CRYPTO Act, according to Decrypt. The legislation would shift the state's enforcement from its current focus on civil penalties to criminal charges for unlicensed operations. The bill also includes provisions for escalating punishments based on the severity of the violation, particularly for firms that handle more than $1 million in crypto assets annually.