Manhattan DA Pushes for Stronger Crypto Regulations
Manhattan District Attorney Alvin Bragg has called upon New York lawmakers to strengthen regulatory frameworks around cryptocurrency. Speaking at New York Law School, Bragg emphasized the growing risks of unregulated digital assets facilitating money laundering, organized crime, and scams targeting vulnerable individuals. His plea underscores the urgent need for criminal penalties and stricter licensing requirements for cryptocurrency businesses.
Unlicensed Crypto Machines Under Scrutiny
In his speech, Bragg criticized unregulated crypto ATMs, highlighting their exploitative practices, such as charging exorbitant fees—sometimes surpassing 20%—to convert cash into cryptocurrency. These machines have become havens for criminals looking to launder proceeds from gun sales, drug trades, and fraud schemes.
“We shouldn’t need someone to slip up and use a traditional bank,” Bragg stressed, calling for legislative action to ensure accountability across all virtual currency operations.
Building a Safer Financial Ecosystem
The Manhattan DA argued for mandatory licensing and know-your-customer (KYC) requirements for all cryptocurrency businesses. He stated, “If you are operating a crypto business—whether trading, transferring, or moving virtual currency—you should be licensed. It’s that simple.” This proposal aligns with efforts to make New York the 19th state in the U.S. to criminalize unlicensed crypto operations.
The Human Cost: Protecting Vulnerable Populations
Crimes like “pig butchering” scams—where cybercriminals exploit individuals through fraudulent schemes—have drained life savings from widows, elderly individuals, and others. According to Bragg, initiatives like Senator Zellnor Myrie’s R.I.P.O.F.F. Act could become critical tools in helping victims recover stolen cryptocurrency.
These scams are not isolated incidents. A 2025 report by TRM Labs reveals $158 billion in illicit crypto transactions, including $2.7 billion lost to hacks. “Crypto crime is no longer niche,” said Ari Redbord, global head of policy at TRM Labs. “It is embedded in the broader criminal ecosystem.”
Empowering Law Enforcement with Technology
Experts emphasize the need for investment in blockchain forensic tools and training to enhance law enforcement’s ability to track and prosecute digital-asset crimes. Redbord highlighted the importance of building technical fluency among investigators and leveraging the transparency of blockchain technology to bring criminals to justice.
Enhance Your Security in the Crypto Space
As cryptocurrency adoption continues to rise, personal security becomes increasingly important. Products like the Ledger Nano X, a leading hardware wallet, offer users a secure way to store their digital assets offline. This extra layer of protection can safeguard against hacks and unauthorized access.
As DA Alvin Bragg and others push for systemic change, staying informed and proactive about digital security is essential. Whether you’re a seasoned investor or new to the crypto space, compliance and caution are key in navigating this evolving landscape.
