New York AG Orders Two Unregistered Crypto Lenders To Shut Down (axios.com)
(Monday October 18, 2021 @05:25PM (msmash)
from the moving-forward dept.)
- Reference: 0153859461
- News link: https://yro.slashdot.org/story/21/10/18/200236/new-york-ag-orders-two-unregistered-crypto-lenders-to-shut-down
- Source link: https://www.axios.com/new-york-attorney-general-james-crypto-lenders-28f42ed4-c4d0-4613-bd40-f3149d218ee2.html
New York Attorney General Letitia James on Monday ordered two unregistered cryptocurrency lending platforms to [1]cease operating in the state within 10 days and requested three other platforms to send her office information about their activities and products. From a report:
> Due in part to a lack of clear regulations, crypto companies have been making various moves -- and finding out that not all regulators agree with them. James' office argued that virtual currency lending products are considered securities under the state's Martin Act, which requires companies offering such financial services to register with the attorney general's office in order to do business with New Yorkers.
[1] https://www.axios.com/new-york-attorney-general-james-crypto-lenders-28f42ed4-c4d0-4613-bd40-f3149d218ee2.html
> Due in part to a lack of clear regulations, crypto companies have been making various moves -- and finding out that not all regulators agree with them. James' office argued that virtual currency lending products are considered securities under the state's Martin Act, which requires companies offering such financial services to register with the attorney general's office in order to do business with New Yorkers.
[1] https://www.axios.com/new-york-attorney-general-james-crypto-lenders-28f42ed4-c4d0-4613-bd40-f3149d218ee2.html
This is why (Score:2)
by phantomfive ( 622387 )
This is why Satoshi Nakamoto is still anonymous. A legal crush is coming, and the shrapnel could fly in any direction.
Not named (Score:2)
It's a bit annoying the respective lenders are not publicly named. To prevent collapse???
Re: (Score:2)
[1]It was redacted by the attorney general office [ny.gov]. So we don't know which companies they are yet.
[1] https://ag.ny.gov/sites/default/files/cease_letter_redacted.pdf
Re: (Score:2)
I agree with the state. Right now it's just a private matter. If they don't comply then I'm sure it will be made public. If they do comply, then business as usual.