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New York State may soon have its own legislation to prevent crypto scandals on par with FTX’s downfall. Attorney General Letitia James has proposed a law, the CRPTO Act (Crypto Regulation, Protection, Transparency and Oversight), that’s meant to thwart cryptocurrency fraud and protect investors. Whether or not it’s the “strongest and most comprehensive” set of crypto regulations that James touts, it would theoretically prevent repeats of some high-profile incidents.
The CRPTO Act would bar conflicts of interest, such as owning multiple practices or marketplaces that trade for their own accounts. Companies would have to publicly report financial statements, including risk disclosures. There would be a host of investor safeguards, such as “know-your-customer” requirements, compensation for fraud victims and a ban on stablecoins (crypto coins whose value is tied to a safe asset) that aren’t pegged directly to US currency or “high-quality” liquid assets.
The bill would let the Attorney General’s office shut down lawbreakers and fine $10,000 per violation for individuals, and $100,000 per violation for companies. The office would also have the power to issue subpoenas and demand damages, penalties and restitution. The Department of Financial Services, meanwhile, would be ensured authority to license various crypto service providers.
James pointed to multiple real-world examples of alleged abuse the CRPTO act would potentially stop. Terraform Labs, for instance, promised a very high 20 percent interest rate to investors in one token on its marketplace if they bought the company’s other token, supposedly hiding the assets’ real value. Celsius, meanwhile, bought up its own token and created an artificial appearance of demand. That left investors “caught by surprise” when Celsius declared bankruptcy, according to the Attorney General.
The federal government is already cracking down on crypto fraud. The Securities Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) believe existing rules already cover numerous crypto-related activities, and in some cases have jockeyed to claim primary responsibility for regulating the technology. Politicians in the House and Senate are pushing for nationwide regulations. New York’s efforts go one step further by tackling crypto-specific problems, though, and the state’s role as a financial hub may effectively let it dictate policies guiding firms across the US.
This article originally appeared on Engadget at https://www.engadget.com/new-york-state-ag-proposes-broad-regulations-for-the-cryptocurrency-industry-162228624.html?src=rss
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In a tweet shared over the weekend, the NYPD said that “the 21st century calls for 21st century policing,” and that an AirTag in a car will help officers recover a car if it is stolen. An accompanying video instructs car owners to get an AirTag and install it in a location in the vehicle where it can’t easily be found.
The video then demonstrates a car theft where the owner uses the Find My app to track the car, with the tracking information relayed to the police. Officers find the car thanks to the AirTag and are able to recover the vehicle and arrest the thief.
The 21st century calls for 21st century policing. AirTags in your car will help us recover your vehicle if it’s stolen. We’ll use our drones, our StarChase technology & good old fashion police work to safely recover your stolen car. Help us help you, get an AirTag. #GSD pic.twitter.com/fTfk8p4lye
— NYPD Chief of Department (@NYPDChiefOfDept) April 30, 2023
“Safe guard your car by simply putting an Apple AirTag inside of it,” the NYPD writes at the end of the video. The AirTag initiative comes after a viral TikTok car theft video that caused an uptick in thefts across the United States. In the TikTok, thieves demonstrate how to get into Hyundai and Kia vehicles through an easily accessible exploit.
In an accompanying press conference on Sunday, New York City mayor Eric Adams said that the city will provide 500 free AirTags to car owners. According to CBS News, the AirTags are available to residents in Castle Hill, Soundview, and Parkchester, as these areas have seen a 548 percent increase in stolen Hyundai and Kia vehicles.
This article, “New York Police Department Encourages Car Owners to Use AirTags to Deter Theft, 500 Free AirTags Available” first appeared on MacRumors.com
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