From Cointelegraph

March 6, 2025 09:03 AM:

New York lawmakers introduce Bill A06515 to combat rug pull scams in the cryptocurrency space. The bill aims to establish criminal penalties for virtual token fraud, targeting deceptive practices. Following widespread investor disappointment in memecoins, the Libra token experienced a $107 million rug pull, triggering a 94% price collapse and wiping out $4 billion in capital. Solana saw over $485 million in outflows in February due to a wave of memecoin scams. Regulatory challenges are highlighted, with calls for more thorough enforcement and jurisdiction for law enforcement agencies to address fraudulent activities like rug pulls. Insider knowledge of the Libra token launch raises concerns about transparency and potential regulatory implications.

Read more at Cointelegraph: New York bill aims to protect crypto investors from memecoin rug pulls