NYS Senator Introduces Crypto Prosecution Framework

New York State Senator Kevin Thomas has prepared a bill outlining the framework for crypto-related prosecutions. The bill calls for defining, penalizing, and criminalizing fraudulent behavior in connection with cryptocurrencies. 

Some of the charges set forth in the bill include failure to disclose the ownership of digital tokens, and if an individual or entity owns more than ten percent of a class of virtual tokens that individual or entity must create or maintain a virtual token that is offered for purchase by the State of New York.

David Rosenfield, Warren Law Group’s Chair of White Collar Defense and Investigations group, states, “Cryptocurrency trading platforms will need to study the bill, be particularly careful not to violate its criminal provisions, or they could face criminal charges.”

If you are under investigation or have received a subpoena from a government regulator, you should seek counsel experienced in white-collar defense, investigations, and cryptocurrency. Contact the attorneys at Warren Law Group at (866) WLGROUP or email info@warren.law to schedule your consultation.