Yesterday it was Argentina that lashed out against cryptocurrencies by preventing the use of wallets, and today it was the United States that chose to give another blow to the cryptocurrency market after the statements of the Attorney General of New York, Letitia James, who has urged to tighten the regulation of cryptocurrencies.
According to information disclosed in multiple international news portals, Attorney General James introduced a pool of regulations through a bill that in her words would strengthen the regulatory authority of digital assets of the Department of Financial Services (DFS) in the North American country.
According to a statement issued today, the absence of tougher regulations for this industry is what has made it prone to drastic market fluctuations, as well as being used to conceal and facilitate criminal behavior and fraud.
His proposed regulations would increase transparency, eliminate conflicts of interest and impose "common sense" measures to protect investors, in line with regulations imposed on other financial services.
Worth noting, she emphasized that under these regulations, cryptocurrency platforms would also have responsibilities to customers similar to those of banks under the Federal Electronic Funds Transfer Act by requiring them to reimburse customers who are victims of fraud.
Finally, Attorney James reminded that millions of investors have lost hundreds of billions in the value of their cryptocurrency investments due to rampant fraud, market manipulation, hacking and non-transparent business practices.
SOURCES CONSULTED
El-Carabobeno New York prosecutor urges tougher regulation of cryptocurrencies. Link
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