New York State Senator Kevin Thomas introduces a bill to establish certain offenses relating to crypto frauds.
New York State Senator Kevin Thomas introduced a new bill amendment request to establish certain offenses related to rug pulls and other frauds related to virtual token distribution, misuse of private keys and hidden interests in crypto projects.drafted by Sen. Thomas, Senate Bill S8839, calls for defining, penalizing and criminalizing frauds specifically targeted at developers and projects that intend to dupe crypto investors.
Private key fraud involves disclosing or misusing another person’s private keys without prior affirmative consent. The bill also seeks to charge developers with fraudulent failure to disclose interest in virtual tokens that don’t publicly disclose personal crypto holdings on the landing page of the primary website.
The bill wa under committee review to determine its eligibility for floor consideration at the time of writing.
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