According to @EleanorTerrett, New York Attorney General candidate Khurram Dara said in his first interview since launching his run that the NY BitLicense is unlawful and violates the economic rights of crypto firms who want to build in the state, source: Eleanor Terrett on X, Nov 23, 2025. Terrett’s report underscores a direct challenge to New York’s crypto licensing regime that determines whether firms can build and operate locally, a headline relevant to compliance-sensitive market participants monitoring state-level policy risk, source: Eleanor Terrett on X, Nov 23, 2025.

According to @EleanorTerrett, crypto lawyer Khurram Dara announced his campaign for New York Attorney General and said he would end political weaponization of the office, curb regulatory overreach, and restore New York as a place where innovation can thrive (source: Eleanor Terrett on X, Nov 20, 2025). New York’s Attorney General has previously driven high-impact crypto enforcement, including a $18.5 million settlement with Tether and Bitfinex in 2021 over alleged misrepresentations of reserves and trading, and a 2023 action against KuCoin that alleged ETH is a security under the Martin Act, underscoring how AG policy affects stablecoin oversight and token classification (source: New York Attorney General press release, Feb 23, 2021; source: New York Attorney General press release, Mar 9, 2023; source: New York Attorney General press release, Dec 12, 2023). New York also operates the BitLicense regime and formal stablecoin guidance that set operational requirements for exchanges and USD-backed stablecoins in the state, making the AG’s stance an important regulatory variable for market access and compliance in the crypto sector (source: New York State Department of Financial Services Virtual Currency Regulation overview; source: New York State Department of Financial Services Guidance on USD-backed stablecoins, June 8, 2022).