Khurram Dara Takes on Letitia James in AG Race
Khurram Dara, a former attorney at Coinbase, has officially announced his campaign for the position of New York attorney general, vying to champion the interests of the cryptocurrency sector. The current AG, Letitia James, holds a significant advantage, and it has been three decades since a Republican secured the office.
In his announcement on November 21, Dara articulated his ambition to halt what he perceives as harmful legal actions against the crypto industry that he argues inflate costs for residents of New York. His candidacy arises amidst a Democratic stronghold, where James has successfully secured her position in previous elections.
Dara criticized James, stating that her regulatory approaches negatively affect the local business environment and lead to higher prices for consumers. He declared:
“When you play politics with the law, when you regulate by enforcement. When you use lawsuits to make policy that increases the cost of doing business, that increases legal and insurance costs; that increases prices, which hurts small businesses, new entrepreneurs and working-class New Yorkers the most.”
Dara aims to challenge the Martin Act, which empowers the AG to investigate and prosecute securities and real estate fraud with considerable authority. Critics argue that James has exploited this statute for political aims rather than serving as an impartial regulatory mechanism.
His campaign is encountering formidable opposition. James has won her last two races with substantial margins, and there are growing worries regarding the influence of crypto lobbying on regulatory decisions. Notably, recent elections showed that public sentiment is shifting, with prominent political figures aligning more closely with crypto interests.
An uphill battle awaits Dara as he strives to mobilize support against these established incumbents, particularly given the historical challenges faced by Republican candidates in New York. His eventual impact on the political landscape—especially in relation to crypto policies—remains uncertain.
