On Jan. 14, New York state Sen. Zellnor Myrie proposed legislation in the New York State Senate that would amend New York law to make it a criminal offense to operate a virtual currency business in the state without the proper license.

By introducing the possibility of criminal penalties, S.B. 8901 — the Cryptocurrency Regulation Yields Protections, Trust and Oversight, or CRYPTO, Act — would mark a significant regulatory shift in how New York regulates virtual currency businesses.

For virtual currency businesses operating in New York and their counsel, the CRYPTO Act presents significant implications.

Crowell’s Carlton Greene, Anand Sithian, and Allison Fleming recently published an article in Law360 covering these developments, and proactive steps that market participants may wish to consider taking.

Click here to read the full article.