Manhattan District Attorney Alvin Bragg has urged New York lawmakers to criminalize unlicensed cryptocurrency operations to combat a $51 billion illicit economy. Speaking at New York Law School, Bragg highlighted the role of unlicensed crypto platforms and ATMs in facilitating money laundering for activities such as gun and drug trafficking. He emphasized the need for mandatory licensing and know-your-customer (KYC) requirements for all crypto businesses to close regulatory gaps. Bragg pointed out that unlicensed crypto ATMs, which can charge fees up to 20%, are being exploited by criminals to convert cash into digital assets with minimal oversight. He argued that current laws often rely on criminals making mistakes, and proposed that all crypto businesses involved in asset transfer or trading should be subject to the same regulatory standards. If enacted, New York would become the 19th state to criminalize unlicensed crypto operations, enhancing consumer protections and prosecutorial authority against fraud and money laundering.