NYS Senator Introduces Crypto Prosecution Framework

Bitcoin in prison. Concept of arrest, fraud and deception with cryptocurrency and mining. (Used clipping mask)

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, Scarinci Hollenbeck, LLC’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 Scarinci Hollenbeck, LLC at (866) SH-LawROUP or email info@warren.law to schedule your consultation.



Scarinci Hollenbeck, LLC defends individuals and companies in all types of litigation. Our team has decades of experience in all types of litigation, white collar defense, securities litigation, and financial services enforcement proceedings.