The Attorney General of New York, Letitia James, has proposed new legislation aimed at regulating cryptocurrency companies. James claims that the industry has suffered from widespread fraud and dysfunction, and her proposal includes several measures to address these issues. Under the proposed legislation, New York would require independent public audits of crypto exchanges and prohibit individuals from owning both brokerages and tokens to avoid conflicts of interest. But who decides what constitutes a conflict of interest?
Haven't the rich and powerful been doing these things for centuries in traditional markets? Crypto platforms would also be required to reimburse customers who are victims of fraud and strengthen the authority of the New York State Department of Financial Services to regulate digital assets.
Wait a minute, doesn't that last sentence sound like they mean to not only reimburse customers but also finance or payroll the New York State Department of Financial Services? What tricky little s**ts they are with that wording!
James has previously taken action against crypto platforms CoinEx and KuCoin for failing to register their activities properly. She has also filed a lawsuit against crypto companies Nexo Inc. and Nexo Capital Inc., resulting in a settlement of up to $24 million. More like a witch hunt, if you ask me!
James has made it clear that protecting consumers from wrongdoing in the crypto industry is her key goal. But I, for one, am a little suspicious of people's intentions when it comes to regulation. The proposal, named Crypto Regulation, Protection, Transparency, and Oversight (CRPTO), would prevent crypto brokers and marketplaces from trading in their own accounts and prohibit brokers from borrowing or lending customer assets.
Some people in the crypto market have expressed concern about the proposed legislation, and many experts believe that it would bring much-needed regulation to the industry. I, for one, am not looking forward to regulation! Deregulation was the biggest thing that attracted me to the market. I've lost money, but it doesn't take many times before you wise up; at least it didn't for me. I mean, we were all newbies once.
James' proposed legislation will be submitted to lawmakers this year, and she wants you to believe that she's committed to protecting all state residents, especially vulnerable ones, from the risks associated with cryptocurrency investment. By "vulnerable," does she mean people who are unwise? I say get over it, do your research, make better investments, and keep crypto unregulated!
The information provided through this work is intended solely for educational purposes and must not be treated as investment advice. We disclaim any liability associated with the use of this content.
J Williams
http://perceptionsrecording.com
https://linktr.ee/Shadowplayband
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