Can a Crypto Advocate Win New York's Top Legal Job?

Khurram Dara, a former lawyer for Coinbase and Bain Capital Crypto, is making a bold move. He's running for New York's Attorney General, aiming to shake up the state's approach to the crypto industry. Dara believes the current Attorney General, Letitia James, has been too tough on crypto companies, driving up costs for New Yorkers. Dara's campaign is not without its challenges. James has won her last two elections by a significant margin. Plus, New York has a strong Democratic leaning, and Dara is running as a Republican. The last Republican to hold this office was nearly 30 years ago. Dara wants to change how the state regulates crypto. He's critical of the BitLicense, a strict set of rules for crypto companies. He argues that these rules are too harsh and have driven businesses away. He also wants to limit the powers of the Martin Act, a law that gives the Attorney General broad authority to investigate and prosecute fraud. The crypto industry has been getting more involved in politics. They've donated nearly $250 million to campaigns across the country. Some worry that this could lead to regulatory capture, where the industry influences the very agencies that are supposed to regulate it. Dara's campaign is still in its early stages. He doesn't have a website yet, just a donation link. It's unclear how his stance on crypto will play out with voters. After all, New Yorkers have other pressing issues on their minds, like the cost of living.