The New York State Legislature has introduced Bill A05515, aimed at criminalizing various forms of cryptocurrency fraud, including rug pulls, private key theft, and failure to disclose interests in virtual tokens. Proposed by Assembly member Clyde Vanel, the bill establishes new criminal penalties for these offenses, with potential jail sentences of up to 20 years for offenders. The legislation seeks to enhance protections for crypto investors against fraudulent activities that have become increasingly prevalent in the digital asset space. The bill reflects growing concerns over scams in the cryptocurrency market, particularly those involving sudden withdrawals of funds by project developers, which can lead to significant investor losses.