New York State Senator Kevin Thomas has asked to amend the new law to increase offenses related to Rug Pulls and other fraud involving the distribution of digital tokens, misuse of private keys.
Legislation drafted by Senator Thomas. claimDefines, penalties, fraud that specifically targets developers and projects that intend to defraud crypto investors.
Bill Thomas seeks to offer prosecutors a clear legal framework against crypto crime that aligns with the spirit of blockchain while fighting fraud. and called for amendments to the law which would indicate rug pulls for developers to sell. “More than 10% of such tokens are within 5 years from the date of the last sale of such tokens.”
Private key fraud involves the disclosure or misuse of another person’s private key without prior consent.
This bill is currently being considered by the committee to determine its appropriateness.
Two members of the House of Representatives — California Representative Norma Torres and Arkansas Representative Rick Crawford — recently launched a bill to mitigate financial risks associated with El Salvador using Bitcoin (BTC) as legal money.
by the proposed law try to analyze the risks against “Cybersecurity, economic stability, and democratic governance in El Salvador.”
“El Salvador is an independent democracy. And we respect our right to autonomy, but the United States must have a plan in place to protect our financial system from the risks of this decision.”
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