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New York lawmakers have introduced a bill, AO6515, to crack down on crypto fraud by criminalizing deceptive practices like rug pulls and private key fraud. The bill aims to provide stronger oversight in the crypto sector and impose legal consequences on developers and industry participants engaging in misleading behavior. Penalties include fines of up to $5 million for individuals and $25 million for organizations, as well as prison sentences of up to 20 years for serious offenses.
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