New York Attorney General Letitia James is calling on Congress to pass stronger crypto laws to better protect investors and consumers. On Tuesday, James sent a formal letter to federal lawmakers urging swift action on regulatory reforms for the digital asset market.
She emphasized that the crypto industry remains largely unregulated, posing serious risks to the public. James highlighted the rise in scams, frauds, and bankruptcies that have devastated retail investors. She argued that clear, enforceable crypto laws are critical to restoring trust and ensuring transparency.
“Congress must act now to put guardrails around this risky and volatile market,” James said in her statement. “Investors deserve protection and clarity.”
The letter follows a wave of crypto-related collapses and legal challenges across the U.S., including high-profile lawsuits against several major exchanges. James has taken a strong stance on consumer protection throughout her tenure, often targeting crypto firms that violate state laws.
James also called for comprehensive federal oversight. She suggested that agencies like the Securities and Exchange Commission and Commodity Futures Trading Commission need more authority. She believes these bodies must work together to crack down on fraud and hold bad actors accountable.
The Senate passed the GENIUS Act last month with strong bipartisan support. Meanwhile, a House committee advanced the STABLE Act to a full floor vote back in April.
In addition, lawmakers are considering the US CLARITY Act, which seeks to define the regulatory boundaries between the SEC and CFTC. This legislation aims to provide legal certainty for digital assets by clearly outlining whether a token qualifies as a security or a commodity.
Supporters believe the CLARITY Act could reduce confusion, prevent overlapping enforcement, and promote innovation in the crypto industry.
What Does Better Crypto Laws Mean for Online and Crypto Casinos?
The potential benefits of these efforts could ripple beyond just traditional investors. For instance, better crypto regulations may support the growth of regulated crypto casinos and platforms. With clearer guidelines, these businesses could operate legally while protecting users.
This change could benefit the broader online gambling industry. The best online casinos that accept crypto might see increased trust and participation. Consumers would have more confidence knowing licensed crypto casinos follow strict standards and safeguards.
Additionally, updated crypto laws could attract more investment into legal gambling markets. As regulation increases, so does legitimacy, especially in high-risk sectors like online gaming.
Experts say stronger crypto policies would also help states collect taxes and reduce financial crimes linked to digital assets. That, in turn, creates a safer environment for both casual users and tech-savvy gamblers.
Letitia James’ appeal to Congress adds pressure to ongoing federal debates about crypto oversight. While some lawmakers remain cautious, momentum for bipartisan reform is growing.
As the digital economy evolves, many believe legal clarity is essential. For investors, crypto platforms, and the best online casinos alike, better laws could bring long-term stability.