On March 5, 2024, New York Assembly member Clyde Vanel introduced Bill A06515 to safeguard investors from deceitful practices in the cryptocurrency sector.
Overview of Bill A06515
If approved, the bill would introduce new criminal offenses for fraud involving virtual tokens. Insiders selling more than 10% of a token's supply within five years of its last sale could face prosecution. The bill also addresses private key theft, ensuring crypto assets are protected from unauthorized access.
Impact on the Crypto Community
Project insiders will be required to publicly disclose their token holdings on their website, allowing investors to assess their commitment. Upon enactment, the bill would take effect 30 days post-approval, providing time for enforcement measures. Recent scams like the Libra token collapse prompted this legislative response.
Expert Opinions
Crypto regulation expert Anastasija Plotnikova views the bill as overdue. She stated, "These activities should fall firmly within the jurisdiction of law enforcement agencies," as reported by Cointelegraph. Lawmakers are determined to penalize crypto fraudsters, proposing severe fines and imprisonment for deceiving investors.
The adoption of Bill A06515 could significantly enhance investor protection and increase the security of cryptocurrency operations, marking an important step in the development of the digital asset market.
