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The Defiant 2025-03-07 11:30:48

New York Bill Seeks to Crack Down on Crypto Fraud

Only two weeks after the Securities and Exchanges Commission (SEC) launched a cyber unit to combat digital fraud, the New York State Assembly is considering bill A06515 to crack down on crypto scams. The bill was proposed on March 5 and seeks to establish the "offenses of virtual token fraud, illegal rug pulls, private key fraud, and fraudulent failure to disclose interest in virtual tokens.” The bill is being sponsored by NYS representative Clyde Vanel , who serves as the chair of the Banks Committee and chairs the Subcommittee on Internet and New Technology. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

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