Manhattan District Attorney Calls for Strengthened Cryptocurrency Regulation to Combat Money Laundering and Fraud

DeepFlowTech · 2026-01-15T05:40:24+00:00

Manhattan District Attorney Bragg calls for making unauthorized cryptocurrency operations a criminal offense, pointing out that such activities fuel a $51 billion criminal economy, and proposes increased regulation and enforcement of licensing. He specifically focuses on the issue of crypto ATMs and mentions the need to combat scams like "pig-butchering" schemes.

DeepFlowTech

2026-01-15 05:40:24

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Deep Tide TechFlow News, January 15th, according to Decrypt reports, Manhattan District Attorney Alvin Bragg delivered a speech at New York Law School on Wednesday, urging state legislators to criminalize unauthorized cryptocurrency operations. Bragg warned that regulatory blind spots are fueling a criminal economy worth $51 billion, enabling criminals to easily launder proceeds from guns, drugs, and fraud.

Bragg specifically pointed out the issue of unauthorized crypto ATMs, which charge a 20% fee to convert “dirty money” into digital assets. He proposed implementing mandatory licensing and Know Your Customer (KYC) requirements for all cryptocurrency businesses, coupled with criminal penalties. If the proposal passes, New York will become the 19th state in the US to criminalize unauthorized crypto operations.

Additionally, Bragg also expressed concern over scams like “pig-butchering” schemes, which have caused many seniors to lose their life savings. Experts say that combating crypto crimes requires not only law enforcement will but also investment in blockchain forensic tools and enhancing investigators’ technical capabilities.

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