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New York Attorney General welcomes an encryption PI challenger, is the regulatory wind about to change?
[Chain News] Is New York about to change?
A cryptocurrency lawyer has just officially declared war—Khurram Dara is set to challenge the notoriously unfriendly current Attorney General Letitia James towards the crypto industry. This took place on Thursday, as Dara directly announced his candidacy.
His campaign slogan sounds quite exciting: to transform the Attorney General's office from a political tool back into a legal institution, cut off those overly extended regulatory tentacles, and reestablish New York as an innovation-friendly city. In short, it means to loosen the constraints on the crypto industry.
Dara has also focused on a highly controversial operation - the collaboration model between the Attorney General's Office and external law firms that operates on a “pay only if we win” basis. This model allows external lawyers to take a cut from the money recovered from government lawsuits, and Dara said this needs to stop.
However, if Dara wants to compete, he must first pass two hurdles: either obtain 25% support votes at the Republican convention in February next year, or gather enough petition signatures on the streets to make it onto the primary candidate list.
The election battle in New York may not be just local news for the entire crypto community.