More New York State Nonsense - State A.G. Issues Warning about Crypto Investment - News Brief

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New York takes another step at discouraging both cryptocurrencies as well as general business development. Yup, that's right - good ole NYS is at it again (demonstrating in fact just how fucked up the politicans are here).

On Thursday, June 2, 2022, New York State's brainiac Attorney General, Letitia James, published an investor alert against 'risky cryptocurrency investments'. This alert comes on the coattails of the State's continued pursuit to ban proof-of-work crypto mining; [see, e.g. Nagoda, K. New York on Track to be the First State to Ban Proof of Work Mining - News Brief. (Accessed June 4, 2022)].

Within the published report, James warned investors of:

the dangerous risks of investing in cryptocurrencies after the market reached record lows last month and investors lost hundreds of billions. Cryptocurrencies are subject to extreme and unpredictably high price swings that make them among the most high-risk investments on the market.

James, L. INVESTOR ALERT: Attorney General James Warns New Yorkers About Cryptocurrency Investment Risks. (Accessed June 4, 2022)].

She continued stating:

Over and over again, investors are losing billions because of risky cryptocurrency investments. Even well-known virtual currencies from reputable trading platforms can still crash and investors can lose billions in the blink of an eye. Too often, cryptocurrency investments create more pain than gain for investors.

[Id].

And further warned:

The virtual currency market exposes investors to dangerous risks, such as wild price swings and potential losses due to hacking, fraud, or theft. Even “legitimate” investments in virtual assets are subject to speculative bubbles and security issues.

She then went on to identify her believed risks of cryptocurrency investments, which list included the following items: Highly Speculative and Unpredictable Value; Difficulty Cashing Out Investments; Higher Transaction Costs; Unstable 'Stablecoins'; Hidden Trading Costs; Conflicts of Interest; and, Limited Oversight. If you would like to read her litany associated with each of these items you may click here.

So as to further broadcast her propaganda, she tweeted:

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"The alert came as the New York State Senate passed a bill banning PoW mining within the state. If the bill gets approved by Governor Kathy Hochul, new mining operations will be prohibited, and those with licenses to operate will not be able to renew their permits" [Reguerra, E. New York AG warns against crypto investments amid state push to ban mining; see also, Nagoda, supra].

Clearly, this investor alert is just one more in a series of the Attorney General's public disdain of the cryptocurrency industry. Under the guise of seeking to regulate the crypto industry and protect investors within New York, James has earlier this year:

issued a taxpayer notice to virtual currency investors and their tax advisors to accurately declare and pay taxes on their virtual investments. In October 2021, Attorney General James directed unregistered crypto lending platforms to cease operations for not fulfilling their legal obligations. In March 2021, Attorney General James warned New Yorkers of the risks of cryptocurrency investments and reminded investment platforms of their legal obligations

[James. Supra].

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