New York Prosecutor Urges Criminalization of Unlicensed Crypto Operations
Manhattan District Attorney Alvin Bragg has called for stricter regulations on cryptocurrency operations, highlighting a $51 billion criminal economy fueled by unlicensed platforms. Speaking at New York Law School, Bragg emphasized the need to close regulatory gaps that allow illicit activities, including money laundering, to thrive.
Unlicensed crypto ATMs and kiosks, often charging exorbitant fees, have become a preferred tool for criminals to convert cash into digital assets without scrutiny. Bragg urged lawmakers to mandate licensing and KYC protocols for all crypto businesses to curb these activities.
The push for stricter oversight aligns with broader enforcement efforts targeting gun violence and organized retail theft. Regulatory clarity remains a critical issue as the crypto industry grapples with balancing innovation and compliance.
