• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Tuesday, May 20, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto

Proposed New York Bill Looks to Criminalize Crypto Rug Pulls and Scams

by Srestha Roy
April 25, 2022
in Crypto
Reading Time: 2 mins read
0
Proposed New York Bill Looks to Criminalize Crypto Rug Pulls and Scams
TwitterWhatsappLinkedin

The proposed measure also wants to change New York law to make offenses related to virtual token distribution, hidden interest in crypto, and private key misuse illegal.

You might also like

Market Mayhem: Crypto Loses $100 Billion in One Session

Best Cryptos To Buy Now: Game On with AurealOne- The Presale Revolution Powering Blockchain Gaming!!

FTX Launches $5.4 Billion Plan to Pay Creditor Fees

Senate Bill S8839 aims to define, sanction, and prohibit fraud, as well as developers and initiatives that are designed to defraud crypto investors. With so many of these projects in the business, a law like this has been long overdue.

The measure will provide prosecutors more clarity on how to prosecute crypto crimes while using blockchain technology and avoiding fraud. Rug pull is defined in one section of the bill as when developers

It also defines private key fraud as the unauthorized use or disclosure of another person’s private keys. Developers who fail to publicly declare their own crypto holdings on the project website’s main page may be held accountable for fraudulent failure to disclose a virtual token interest.

The bill has now been referred to the Senate Codes Committee for consideration. Clyde Vanel has also introduced a companion bill in the lower chamber. Assembly Bill A8820 has also been referred to the lower chamber’s Codes Committee.

With the introduction of the bill in the New York legislature, the state cements its position as a forerunner in the regulatory framework for cryptocurrencies. The bill’s study will not be completed on a set date. However, if it is accepted and passed, it will take effect after 30 days.

Legislators in New York aren’t the only ones proposing crypto-related legislation. Norma Torres of California and Rick Crawford of Arkansas, both members of the House of Representatives, have submitted legislation to alleviate the risks connected with El Salvador’s adoption of Bitcoin.

The measure will look at how Bitcoin adoption would influence El Salvador’s cyber security, democratic governance, and economic stability, as well as how it might effect the United States.

El Salvador’s plan to adopt Bitcoin was slammed by Rep. Norma Torres, who said it was not a smart embrace of innovation, but an irresponsible gamble that is undermining the country.

“El Salvador is an independent democracy, and we respect its right to self-govern,” she continued. “But, the US must have a plan in place to protect our financial systems from the risks of this decision.”

El Salvador’s president, Nayib Bukele, has slammed the law, claiming that the US government has no right to interfere in his country’s affairs.

Tags: #bill#CryptoCrypto BillNew York
Tweet54SendShare15
Previous Post

Apple iPhone 14 Pro speculated to feature a ’72MP Camera System’

Next Post

How to merge Fortnite accounts

Srestha Roy

Recommended For You

Market Mayhem: Crypto Loses $100 Billion in One Session

by Anindya Paul
May 19, 2025
0
Bitcoin

On Monday, 19 May 2025, overall cryptocurrency market capitalization dropped by approximately $100 billion after weekend volatility, as an unsuccessful attempt by Bitcoin to go over $105,000 prompted...

Read more

Best Cryptos To Buy Now: Game On with AurealOne- The Presale Revolution Powering Blockchain Gaming!!

by Techstory
May 19, 2025
0
Best Cryptos To Buy Now: Game On with AurealOne- The Presale Revolution Powering Blockchain Gaming!!

It can be overwhelming to explore the perpetually growing universe of cryptocurrencies. Crypto is essentially digital currency constructed on blockchain, a decentralized and safe network for transparency and...

Read more

FTX Launches $5.4 Billion Plan to Pay Creditor Fees

by Anindya Paul
May 18, 2025
0
FTX

FTX, the now-defunct cryptocurrency exchange that went bust in November 2022, will be making a second round of distributions amounting to $5.4 billion to its creditors on May...

Read more
Next Post
How to merge Fortnite accounts

How to merge Fortnite accounts

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?