In case you didn't read the title out loud, say it now. NYAG. Apparently something in the world of crypto has spooked the authorities to the point of issuing broad, generalized warnings to anyone who will listen.
"In a pair of alerts issued Monday, State Attorney General Letitia James advised investors to use 'extreme caution' when trading cryptoassets due to volatility risks, conflicts of interest at trading platforms and the threat of market manipulation, among other concerns."
-New York attorney general warns of "extreme" crypto risks | Investment Executive
Where's the alert about sexual harassment if you're a public servant? How about an alert when trading risky things like stocks or bonds? Any advice on holding US currency that's rapidly eroding in purchasing power because of our elected officials self-induced incentive system? Or maybe a general warning that it is most certainly unsafe to drive a vehicle? Please.
I love the vague threat to everyone apparently from one individual who thinks they have the power and authority to make this kind of announcement.
“Today, we’re sending a clear message to the entire industry that you either play by the rules or we will shut you down,” she warned.
Wow, what a clear message. Thanks for that.
During this most important and historic tax season, I would love to hear a clarification of those rules by which we are playing! We've already paid the salaries of the public officials who are most certainly responsible for writing out those proposed rules, and what guidance do we have so far? A few lawsuits whereby the NYAG sues private companies to shut down and recoup the funds of thousands of defrauded investors?
After 22 months of haggling in court, iFinex (Bitfinex & Tether) has to pay up and "submit to mandatory reporting", whatever that means. Tell me, who do you sue to get funds back and shut down Bitcoin? Ethereum? Even a stupid memecoin like Doge?
Before investing in anything or paying any substantial amount to any entity, it behooves the payer to know what is being paid and for what. For those who blindly ape into things such as Tether without doing homework on the possibility that the company behind the coin doesn't actually have the dollar reserves they say they have, then perhaps they are paying an appropriate amount for an education in how this all works! If the NYAG warns everyone and no one listens, will cryptocurrency care?
