NY Sen. Thomas proposes to criminalize rug pulls and other crypto frauds
Senator Kevin Thomas seeks to provide prosecutors with a clear legal framework against crypto crimes that align with the spirit of the blockchain while combatting fraud. New York State Senator Kevin Thomas introduced a new bill amendment request to establish certain offenses related to rug pulls and other frauds related to virtual token distribution, misuse of private keys and hidden interests in crypto projects.The bill drafted by Sen. Thomas, Senate Bill S8839, calls for defining, penalizing and criminalizing frauds specifically targeted at developers and projects that intend to dupe....
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New York State Senator Kevin Thomas, has proposed a bill that seeks to criminalize illegal crypto rug pulls. The lawmakers of New York state seemed to have been rubbed off the wrong way as it has been passing stringent signals to the crypto industry. The legislative amendment in concern proposes penalties for rug pulls and […]
A new Senate bill strives to keep the “spirit of blockchain” while combating crime, but critics call it ill-conceived, redundant and unworkable. The Empire State made two appearances on the regulatory stage last week, and neither was entirely reassuring. On April 25, bill S8839 was proposed in the New York State (NYS) Senate that would criminalize “rug pulls” and other crypto frauds, while two days later, the state’s Assembly passed a ban on non-green Bitcoin (BTC) mining. The first event was met with some ire from industry representatives, while the second drew negative reviews, too.....
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