New York Attorney General Letitia James submitted testimony to the Senate Committee on Homeland Security and Governmental Affairs' Permanent Subcommittee on Investigations, calling for stronger regulations on cryptocurrency platforms to protect consumers and investors from scams. The testimony details the flood of cryptocurrency scams costing Americans billions annually and criticizes the Digital Asset Market Clarity Act for undermining state enforcement efforts.
In-house legal teams should review vendor agreements with cryptocurrency platforms and intermediaries to ensure compliance with anti-money laundering (AML) and know-your-customer (KYC) requirements, as well as cybersecurity protocols. Clauses related to fraud prevention, platform liability for scams, and data tracing (e.g., prohibition on untraceable transactions) may need updating to align with the regulatory framework urged by the NY AG. Additionally, contracts should include provisions for transparency and reporting obligations to protect consumers and investors.
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New York Attorney General's Office
Industry
Financial ServicesOfficial Press Release
https://ag.ny.gov/press-release/2026/attorney-general-james-urges-congress-strengthen-oversight-cryptocurrency
cryptocurrency scams congressional testimony 2026 0
https://ag.ny.gov/sites/default/files/letters/cryptocurrency-scams-congressional-testimony-2026_0.pdf
New York Attorney General Enforcement Page
https://ag.ny.gov/press-releases
"New York Attorney General Letitia James"
"cryptocurrency scams costing Americans billions of dollars every year"
"Digital Asset Market Clarity Act"
"Electronic Funds Transfer Act"
New York Attorney General Letitia James joined eight other attorneys general in issuing a statement criticizing a DOJ judicial misconduct complaint against nearly all federal district court judges in Minnesota. The release concerns judicial independence, not a privacy enforcement action; it announces no penalty or privacy-related remedy.
New York Attorney General Letitia James issued guidance to New Yorkers donating to Venezuela earthquake relief, warning about fraudulent charities and scams. The guidance provides tips on verifying charities, avoiding phishing, and reporting suspicious organizations.
New York Attorney General Letitia James joined a coalition lawsuit challenging NHTSA’s rollback of federal fuel economy standards. The coalition alleges that the final rule violates federal law and asks the court to strike it down; the press release describes no privacy violations or monetary penalty.
$400.0M
New York Attorney General Letitia James and a coalition of 47 other attorneys general secured a $400 million settlement with Sandoz Inc. and Fougera Pharmaceuticals Inc. over an alleged scheme to coordinate generic drug prices and reduce competition. The settlement provides for consumer compensation and requires Sandoz to implement antitrust compliance reforms, including annual staff training and a Chief Compliance Officer.
$5.9M
New York Attorney General Letitia James sued Evolutions Festival LLC and 845 Vibrations LLC over the cancellation of the 2025 festival and their failure to refund ticket holders and vendors. The state alleges violations of laws governing advance ticket-sale funds and seeks restitution, civil penalties of $5,000 for each of 1,185 alleged violations, and an order requiring a $500,000 bond before the organizers can hold future cultural events in New York.
$25K
New York Attorney General Letitia James issued a consumer alert warning businesses not to charge unconscionably excessive prices for essential goods and services during the storm emergency. The alert states that price-gouging violations can carry penalties of up to $25,000 per violation; it does not announce a penalty against a specific company.