New York AG warns that if crypto firms don't 'play by the rules' they will get shut down
March 1, 2021, 1:14PM EST
1 min read
New York Attorney General (NYAG) issued a stern warning on Monday to crypto firms in the state: "you either play by the rules or we will shut you down.” She also warned investors that the crypto market carries "extreme risks."
In a statement, Attorney General Letitia James says she's committed to "leveling the playing field" for investors by cracking down "greedy industry players."
The statement reminds crypto firms that they are not exempt from state registrations since virtual currencies are considered commodities in New York. "The OAG reminds industry members that those parties who are obligated to register, but do not, are subject to both civil and criminal enforcement under the law."
James also advised investors to proceed with "extreme caution" when investing in virtual currencies. "Cryptocurrencies are high-risk, unstable investments that could result in devastating losses just as quickly as they can provide gains," she said.
Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency.
The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana.
We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come.
Bloomberg reported Friday that a broad U.S. government investigation into the operator of crypto exchange Binance has widened to include "whether Binance or its staff profited by taking advantage of its customers."
The securities regulator for Alabama issued a show-cause order on Thursday to crypto lender Celsius, seeking an explanation for why its offerings don't constitute the sale of securities under state law.
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