New York Attorney General Letitia James has proposed new regulations aimed at making the cryptocurrency industry more transparent and accountable. The proposed Crypto Regulation, Protection, Transparency, and Oversight Act (CRPTO Act) would give the New York State Department of Financial Services (DFS) more authority to regulate the industry, with a focus on conflicts of interest, transparency, and investor protections. The bill draws on existing regulations in traditional finance and aims to prevent behavior like that of defunct crypto lender Celsius and Terraform Labs. However, some experts have raised concerns about the effectiveness of the proposed rules and the potential for state-by-state regulation to create an uneven playing field.