New York AG Proposes Landmark Crypto Law, Citing 'Dysfunction' (bloomberg.com) 19
New York Attorney General Letitia James proposed a state law to tighten rules over cryptocurrency companies in her latest swing at an industry she claims is suffering from "rampant fraud and dysfunction." From a report: Under her proposal, New York would require independent public audits of crypto exchanges and bar people from owning both brokerages and tokens to prevent conflicts of interest. In a statement Friday, James called her proposal "the strongest and most comprehensive set of regulations on cryptocurrency in the nation." The measures, which first need to be adopted by state lawmakers, also would require crypto platforms 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, according to the statement. "Millions of investors have lost hundreds of billions in the value of their cryptocurrency investments because of rampant fraud, including market manipulation, hacking, and opaque business practices," James said. According to the attorney general, her proposal will be submitted to lawmakers for the 2023 legislative session.
Re:Head of justice department has other duties (Score:5, Informative)
If it's not a problem, why are people whining when crypto firms go under? Why are people whining when tens of millions of dollars of crypto are "stolen" from said crypto firms?
What tremendous problems with crime are you referring to? Overall crime continues on its downward trend [factcheck.org].
Re: (Score:2)
What also caught my eye was the NY attorney general worrying about something that's not a problem while tremendous problems with crime in her city are going unaddressed.
If it's not a problem, why are people whining when crypto firms go under? Why are people whining when tens of millions of dollars of crypto are "stolen" from said crypto firms? .
How is this "whining" any different from when a bank goes under? Or when money is stolen from your account?
What tremendous problems with crime are you referring to? Overall crime continues on its downward trend [factcheck.org].
Factcheck's statement is deceptive, and appears to be politically motivated, and if you read deep enough into your link, they more or less admit that crime did indeed go up overall:
The crime increases in New York City in 2022 were roughly in line with national crime trends in big cities nationwide. According to a report from the Council on Criminal Justice, a nonpartisan criminal justice think tank, ro
A New Proposal. (Score:2)
I Propose something. How about we stop falling for clickbait bullshit headlines talking about "proposed" change that we already know will be shitcanned by Greed 3-6 months from now.
Gets old watching the general public fall for that stupid shit every damn time.
Re: (Score:2)
But this is interesting:) On the one hand, there's crypto, which is a world of scam that is basically prosecution futures. So yeah, pull the plug! On the other hand, the bill comes from NY, which is also a world of scam and a meme of incompetence with no future. So yeah, hell no!
We need some kind of new formal logic and legal theory here, so that we can make sense of both supporting and opposing the bill, and passing and blocking the bill, all at the same time.
Re: (Score:3)
We need some kind of new formal logic and legal theory here, so that we can make sense of both supporting and opposing the bill, and passing and blocking the bill, all at the same time.
Speaking of Catch-22s, is there a way I can invest in prosecution futures? That sounds like the kind of Americanized self-feeding demise that creates profit in a delusional fucked kind of way...
Re: (Score:2)
Re: (Score:2)
Disagree, these threads tend to generate delicious cryptobro conman tears :-P
This does actually matter (Score:2)
These kind of proposed rules at the state level are usually a precursor to federal regs. They're a way for the state AGs to get a wish list in. And if the Fed doesn't act well, then they become law.
They're just angry that they can't TAX it. (Score:1)
"rampant fraud and dysfunction." (Score:2)
The other half is the idiots willing to part with their money
A complete failure to understand FTX (Score:5, Interesting)
That would have not been even a speed bump to SBF w/ FTX because he'd have just put FTX Coin under Alameda and had Alameda do some sort of incestuous corporate deal with FTX.
What SBF did was already covered by existing regulations and criminal statutes. *Checks notes* Oh, right. He is facing about 11 felony counts at the federal level.
Note that this is a lot more time than Jon Corzine faced (0 years) when MF Global got caught using client assets for corporate bets. Some flunky under Corzine went to prison instead, despite the fact that Corzine was involved and aware of the accounting shenanigans.
Let it burn. (Score:3)
Donâ(TM)t regulate it and give it a veneer of respectability. Let as many people as possible get utterly destroyed so that it all collapses.
Re: They just want in on the gravy train... (Score:2)
good objective : one btc = one usd