Manhattan District Attorney Alvin Bragg urged New York lawmakers to strengthen crypto enforcement, warning that digital assets are increasingly used for money laundering and organised crime.
Speaking at New York Law School, Bragg said unlicensed crypto businesses are exploiting regulatory gaps to facilitate a criminal economy worth an estimated $51 billion.
He called for mandatory licensing, know-your-customer requirements, and criminal penalties for firms operating without authorisation.
“We need systemic accountability like on steroids here,”
Alvin Bragg said.
Bragg highlighted unlicensed crypto ATMs charging fees of up to 20% to convert illicit cash into digital assets.
“They know you're laundering gun proceeds, and they do it without necessarily asking you,”
Alvin Bragg said.
Prosecutors have pursued cases involving illegal Bitcoin ATM operations and terrorism financing, but Bragg said existing laws limit enforcement.
“We shouldn't need someone to slip up and use a traditional bank,”
Alvin Bragg said.