The New York Attorney General, Letitia James, has issued a series of cautions for retail bitcoin investors.
As of June 2, New York’s top law enforcement official, Attorney General Letitia James, issued an “alert” alerting residents of the hazards of cryptocurrency investments.
The announcement comes as the crypto market continues to feel the effects of Terra’s collapse. An eleven-month low was set in May when the global crypto market value fell by $446 billion.
At the same time, James warned investors that digital assets are among the riskiest investments available. Because of their severe and unpredictable large price fluctuations, cryptocurrencies are considered one of the market’s most high-risk assets.
For James, this is not a new experience
A similar warning was given by Attorney General James in March 2021, when Bitcoin was at an all-time high. A more substantial industrial emphasis was subsequently added to the message.
She warned the New York crypto business that if they didn’t “play by the rules,” they would be shut down. A clear message is being sent to all industry participants: “You either play by the rules or we will shut you down.”
On the topic of investor protection, James mentioned the need to register with a governmental agency, such as the Office of the Attorney General for Investor Protection. Those who fail to comply with their obligations, according to her, will face civil and criminal penalties.
“Who take unwarranted risks with investors’ money,” she said, was the plain message from the NY Attorney’s Office.
It’s all too common for greedy industry actors to take excessive risks with investors’ money; therefore, today, we’re levelling the playing field by providing notifications to both investors and industry members nationwide.”
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