Khurram Dara, a former policy counsel at cryptocurrency exchange Coinbase, officially announced his intention to run for the office of New York State Attorney General.
Former Coinbase Attorney Accuses New York AG Of Partisanship
On Friday, November 21, Dara announced his candidacy on the social media platform X and revealed his agenda for the office of New York State Attorney General. According to his campaign message, the former Coinbase counsel intends to put an end to the “lawfare” by the current New York AG, Letitia James, on businesses and innovations.
Dara accused James of partisanship and putting her political ambitions first in the disposition of her duties as Attorney General. With his regulatory and policy experience in the crypto and fintech space—most notably at Coinbase and Bain Capital Crypto, Dara claims to have seen firsthand these companies being unfairly targeted by the government.
A part of the former Coinbase attorney’s campaign message read:
Dara’s platform includes ending lawfare, prioritizing public safety and making New York more business- and innovation-friendly. Dara says he plans to make specific changes to the office to address affordability and the cost of doing business, such as curbing the office’s use of the Martin Act, ending the practice of hiring private law firms on a contingency-fee basis, and fighting unlawful regulations.
The ex-Coinbase lawyer said that he intends to run under the Republican Party, speaking about tackling New Yorkers’ concerns about the cost of living and affordability.
Over the years, James has gained popularity for her enforcement of strict regulations on the cryptocurrency space. Since taking office in 2019, the Attorney General has filed lawsuits against several crypto companies, including Gemini, Genesis, KuCoin, and Nexo, while agreeing to significant settlement deals with some of these firms.
A New Dawn For Crypto In New York?
Interestingly, the New York Mayor-elect Zohran Mamdani seems to lean more towards James’s approach to consumer protection-focused crypto regulation. Such an instance was seen in 2023 when Mamdani, who was then a member of the New York City Assembly, agreed to AG James’s bill to protect vulnerable New York investors.
It is worth noting, though, that the New York Mayor-elect has never taken a clear public stance on cryptocurrencies, with his past comments suggesting improved regulation rather than unchecked scrutiny. All in all, the city administration’s influence over the state and federal crypto infrastructure is limited.
As of this writing, the total cryptocurrency market capitalization stands at around $2.87 trillion. With most large-cap assets under significant bearish pressure, the crypto market saw its value shrink by nearly 10% in the past week.
Featured image from Getty Images, chart from TradingView
