Here are some quick impressions:
• Provides expansive new authority to the NYAG to regulate and enforce in the crypto market
• Appears to codify the DFS BitLicense, which is now set by regulation
• Sets up competing enforcement regimes and specifically contemplates conflict by requiring the “attorney general and the [DFS] superintendent shall cooperate, coordinate and assist one another in the carrying out of their respective responsibilities”
• The press release indicates widespread support in the legislative and consumer protection communities; no one from DFS is on it and its not jointly filed with Gov. Hochul, indicating she wants the ability at least to tailor it
• Early signals are that it is controversial; much ink will be spilled on this proposal.
The proposal is here: https://ag.ny.gov/press-release/2023/attorney-general-james-proposes-nation-leading-regulations-cryptocurrency