Authorities are considering a bill that would make rug pull and other crypto frauds criminal offenses. Developers of fraudulent projects could face fines of up to $5 million and prison terms of up to 20 years, while companies could be fined up to $25 million
The bill was introduced by New York State Assembly member Clyde Vanel. It also addresses fraud involving tokens and private keys
If passed, this law would be a significant step in the fight against crypto crimes