Khurram Dara formally launched on November 20, 2025 his Republican candidacy for New York Attorney General, presenting a direct challenge to Democrat Letitia James in the 2026 race. Dara places crypto policy at the center of his platform, arguing that the current approach of the Attorney General’s office is hurting business activity and needs a full reset.
A Race That Puts Crypto Policy on the Ballot
Dara, 36 and a Columbia Law graduate, builds his campaign around strong criticism of New York’s current regulatory climate. He points to what he calls “regulatory overreach” and “lawfare,” proposing reforms such as reducing the scope of the Martin Act, banning contingency-fee deals with private firms, and reversing what he considers excessive rules like the BitLicense.
The Martin Act, a nearly century-old law giving the Attorney General broad investigative powers, is a core target. Dara argues that narrowing its scope would ease compliance burdens and help create a healthier environment for digital-asset companies — a message aimed at both the crypto community and the wider business sector.
Current Attorney General Letitia James has taken a tough enforcement stance on crypto. Her office has achieved major settlements: $18.5M from Bitfinex/Tether, $2B from Genesis Global Holdco, and $50M in fines plus $50M in compliance investment from Coinbase. It also pushed Tether out of New York and has reportedly considered classifying Ethereum as a security. Supporters see these actions as consumer protection; Dara and his backers view them as evidence that New York has gone too far.
For traders, exchanges, and corporate treasuries, a victory for Dara could reshape compliance costs, legal exposure, and operational risks. He argues that reducing civil actions and reforming rules like the BitLicense could lower barriers to entry and cut operating costs. Still, any transition would come with heightened uncertainty, as rewriting or limiting the Martin Act would require legislative or judicial action.
“Regulatory overreach” and “lawfare,” Dara said, summarizing his view of the current Attorney General’s strategy and positioning his campaign as an effort to restore balance.
Dara’s candidacy turns the 2026 Attorney General race into a referendum on crypto regulation in New York, forcing voters to choose between a strict enforcement regime and a platform focused on reducing regulatory pressure and encouraging business growth.