As an experienced financial analyst, I’ve seen my fair share of industries undergoing regulatory scrutiny and transformation. New York Attorney General Letitia James’s tough stance on the cryptocurrency industry is no exception to this trend. With her recent $2 billion settlement with Genesis, she’s sending a clear message: play by the rules or face the consequences.
The New York Attorney General, Letitia James, has issued a warning to the cryptocurrency sector, threatening legal action against firms that fail to adhere to common regulations.
This past week, James publicly disclosed a $2 billion agreement reached with troubled crypto-lending firm Genesis. She expressed her concern and frustration over the insufficient regulation that resulted in significant financial damages for affected parties.
As a financial analyst, I can tell you that back in October 2023, the New York Attorney General (NYAG) filed a lawsuit against Gemini, Genesis, and the Digital Currency Group over their controversial cryptocurrency investment program, Gemini Earn. In February of the same year, the NYAG amended the complaint, tripling the alleged fraud losses claimed against Barry Silbert’s crypto conglomerate.
As part of the settlement, Genesis has been prohibited from operating in New York.
As a researcher, I would express it this way: In the year 2018, I had the honor of being elected as the state’s attorney general with an impressive mandate from the voters. My victory marked important milestones in breaking through gender and racial barriers within our political landscape.
Since her historic election, James has cracked down on various cryptocurrency companies.
In April 2019, New York’s chief law enforcement officer initiated a protracted legal dispute between his office and stablecoin issuer Tether and cryptocurrency exchange Bitfinex. This battle concluded in February 2021 with an accord featuring a $18.5 million penalty paid to James.
Since then, the NYAG has also taken action against such cryptocurrency firms as Coinseed.
In December 2023, cryptocurrency exchange KuCoin agreed to shell out a total of $22 million.
Crypto lobbying boom
As regulatory oversight of cryptocurrencies becomes more rigorous, companies in this sector have ramped up their lobbying activities. Over the past four years, these businesses have invested approximately $149 million towards electing candidates who could be supportive allies in Congress, as revealed in a recent report by The Washington Post.
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2024-05-26 13:22