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NY AG Issues Warning to Crypto Firms
Alex Dovbnja
The warning comes after NYAG’s recent settlement with lender Genesis
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New York Attorney General Letitia James did warned the cryptocurrency industry that will persecute those companies that refuse to play by the same rules as everyone else.
Earlier this week, James announced a $2 billion deal with cryptocurrency lender Genesis. He denounced the lack of supervision which led to huge losses for the victims.
Gemini, Genesis and Digital Currency Group were sued by NYAG in October 2023 over the controversial Gemini Earn cryptocurrency investment program. Barry Silvert’s fraud claim against the cryptocurrency giant was then tripled in an amended complaint in February.
As part of the settlement, Genesis was banned from operating in New York.
In 2018, James was elected state attorney general with overwhelming support, breaking gender and racial barriers.
Since his historic election, James has cracked down on various cryptocurrency companies.
In April 2019, New York’s top law enforcement official kicked off a lengthy legal battle with stablecoin issuer Tether and cryptocurrency exchange Bitfinex. In February 2021, he finally reached a settlement with James with a fine of $18.5 million.
Since then, the NYAG has also taken action against cryptocurrency companies such as Coinseed.
In December 2023, cryptocurrency exchange KuCoin agreed to shell out a total of $22 million.
Cryptocurrency lobbying booms
With increasing regulatory scrutiny, cryptocurrency companies have also stepped up their lobbying efforts. According to a recent study, cryptocurrency companies have spent $149 million electing potential allies in Congress over the past four years. relationship from the Washington Post.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.