Khurram Dara, a former policy lawyer at the cryptocurrency exchange Coinbase, has announced his candidacy for New York State Attorney General. Dara, 36, aims to challenge the incumbent, Letitia James, in the 2026 election. He is running on a platform of curbing regulatory overreach, ending the weaponization of the Attorney General's office, and fostering a better business climate in New York, particularly for the crypto and fintech sectors.
Dara officially launched his campaign on Thursday, citing his regulatory and policy experience, specifically within the crypto and fintech space, as key reasons for his decision to run. He argues that New York needs an Attorney General who will enforce the law impartially, rather than politicizing the role.
James, 67, is expected to seek re-election for a third term. She has gained a national profile through her prosecutions of Donald Trump, the NRA, and Andrew Cuomo. James has also focused significantly on crypto enforcement during her tenure, taking action against companies like Gemini, Tether, Digital Currency Group, and Galaxy Digital. Her office's 2023 lawsuit against Gemini, Genesis, and DCG led to Gemini returning approximately $50 million to Earn users and agreeing to a ban on offering crypto lending products in New York, following a broader $2 billion Genesis settlement.
James has advocated for aggressive federal oversight of digital assets, cautioning that the recently passed GENIUS Act, which provides a federal framework for stablecoins, lacks adequate safeguards. She has also argued that stablecoin issuance should be limited to regulated U.S. banks, asserting that digital assets could pose systemic risks if left unchecked.
Dara's announcement comes as James faces federal charges alleging mortgage fraud related to a property in Virginia. She has pleaded not guilty, claiming the case is politically motivated.
Prior to his campaign, Dara worked at Bain Capital Crypto and the blockchain firm Fluidity. He witnessed the SEC's 2022 investigation into Coinbase during his time there, which he says has shaped his campaign. He is a member of the Council on Foreign Relations and serves on the advisory board of the Investor Choice Advocates Network, a nonprofit focused on fighting regulatory overreach and expanding access to capital markets.
To secure a spot on the primary ballot, Dara will need either 25% of the vote at the GOP's 2026 convention in February or enough petition signatures. Michael Henry, the Republican nominee from 2022, is also running. Henry has already received the backing of Republican NY Congresswoman Elise Stefanik.
Dara has criticized James for regulatory overreach and engaging in "lawfare," particularly targeting President Donald Trump and the crypto industry. He argues that the evolution of state AGs into regulators and policymakers has increased the cost of doing business in New York.
James's office has been active in regulating the cryptocurrency industry. In 2023, she proposed the Crypto Regulation, Protection, Transparency, and Oversight Act (CRPTO Act) to tighten regulations on the industry. The CRPTO Act aims to prevent conflicts of interest, require public reporting of financial statements, and enhance investor protections. In December 2023, James secured more than $22 million from the cryptocurrency trading platform KuCoin for operating illegally.
