New York Attorney General Freaks Out Over Crypto
Today we learn that the New York Attorney General is turning his gaze upon crypto.
Attorney General Eric Schneiderman announced the "Virtual Markets Integrity Initiative" on Tuesday, saying it was "a fact-finding inquiry into the policies and practices" of cryptocurrency trading platforms. Letters were sent to 13 exchanges, seeking information about their "operations, use of bots, conflicts of interests, outages, and other key issues," according to a press release published on Tuesday.
Moves by regulators are always a little unsettling. But I live in New York State and I know for a fact that Eric Schneiderman is a zealot. He loves to do "big things" that put him in the news. This needs to be watched closely because if Schneiderman goes all scorched earth on crypto, other states will follow his lead.
Full article here: https://www.coindesk.com/binance-bitfinex-new-york-launches-inquiry-13-crypto-exchanges/
You know @bobcastleman, things like this are going to happen.
I think that with crypto still in its infancy, we let these things upset us more than we should. They look so big and game changing. For now.
But crypto is going to grow a lot. Issues like this will become little lost voices in the wilderness. Let them bring their regulations, let them make it impossible to invest in certain places. It doesn't matter.
At the end of the day they are trying to regulate a decentralised, global, stateless idea. You can't can't kill that, it can't be done.
Those entities that fail to participate will be left behind. Eventually they will realise their mistake and they will have to deregulate and catch up to the rest.
Let them try their best, it's a fool's errand because they are doomed to fail.
This post of mine deals with the matter: https://steemit.com/cryptocurrencies/@bitbrain/banning-crypto-it-won-t-last
Image from https://twitter.com/aboutanonymous/status/316891233769385984
I agree that there is no putting crypto back into Pandora's Box. But Eric Schneiderman is one of those public figures that like to make sure he gets press time for what he does. I'm just saying that whatever comes out of his examination of exchanges will almost certainly effect how crypto evolves in the United States. He is likely to be heavily influenced by Wall Street and investment banking. I doubt he will find the libertarian streak in crypto very endearing.
Good. I hope it gives him nightmares!