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A.G. Schneiderman Launches Inquiry into Cryptocurrency “Exchanges”

ag.ny.gov

31–40 of 73 posts

Re: A.G. Schneiderman Launches Inquiry into Cryptocurrency “Exchanges”

#31
post #4

Interesting to see it's in new york - I wonder what role the big players in finance have had in lobbying for this. Nonetheless, this is great. I would bet every single crypto exchange has their hand deep in the honey pot so they deserve whatever an investigation turns up.

I wouldn't be surprised if they did. In Toronto, TMX Inc (holders of the Toronto Stock Exchange) along with Paycase and Bank of Montreal have recently organized to establish their own trading desk/brokerage at the TSX for cryptocurrencies. The news of that came about a week or two after Bank of Montreal banned all purchases of cryptocurrency both on their debit and credit cards. While I'm suspicious of the banks' int…

I am all for reasonable suspicion regarding banks, but I feel like banks banning speculating on cryprocurrencies with borrowed money is just good risk management.

Re: A.G. Schneiderman Launches Inquiry into Cryptocurrency “Exchanges”

#32
post #3

Just reading the questionnaire... This is going to be huge as in this is going to be the foundation on which the government will go after the exchanges and enforce consumer protection...

The prices of BTC, Ether and XRP have hardly budged today. I find this surprising. Worth watching market prices, especially futures activity around BTC as the story develops. It will take time for the screws to be tightened by AG Schneiderman's team. Note that the questionnaire also focuses on who the major investors / board members are of the exchanges that are the target of this inquiry. As Warren Buffet famously quipped in 2008: "You only find out who is swimming naked when the tide goes out."

Re: A.G. Schneiderman Launches Inquiry into Cryptocurrency “Exchanges”

#33
post #14
post #6

Earlier quoted context omitted.

Apologies if I don't feel particularly "protected".

I am fully protected against all bitcoin/token/blockchain scams, I wont touch this stuff with 10 foot pole...

You're also extremely protected from ever making any profits, I'm glad people like you stay out of crypto out of fear.

Re: A.G. Schneiderman Launches Inquiry into Cryptocurrency “Exchanges”

#34
post #8

Too bad they didn't question the big banks as assiduously 10-12 years ago.

Were you Don Quixote in another life? It's almost like the banks don't have thousands of different products and services ran by hundreds of thousands of people all working on different things. "Let's investigate the banks and see what comes up!" Good luck with that...

Re: A.G. Schneiderman Launches Inquiry into Cryptocurrency “Exchanges”

#35
post #24

Earlier quoted context omitted.

And that is an entirely separate issue that has nothing to do with the fraud ongoing in cryptocurrencies.

Clearly the AG of NY has motivations and interest to protect fiat / legacy banking systems, let's not pretend otherwise.

> Clearly

The burden of proof is on you to demonstrate that Schneiderman is acting here to protect the banking system and not acting to protect his constituents from being defrauded.

Re: A.G. Schneiderman Launches Inquiry into Cryptocurrency “Exchanges”

#36
post #33
post #14

Earlier quoted context omitted.

I am fully protected against all bitcoin/token/blockchain scams, I wont touch this stuff with 10 foot pole...

You're also extremely protected from ever making any profits, I'm glad people like you stay out of crypto out of fear.

I'm glad you admit that your only interest in cryptocurrency is as a speculative vehicle. I hope your investment in digital tulip bulbs works out for you in the end.

Re: A.G. Schneiderman Launches Inquiry into Cryptocurrency “Exchanges”

#37
post #34
post #8

Too bad they didn't question the big banks as assiduously 10-12 years ago.

Were you Don Quixote in another life? It's almost like the banks don't have thousands of different products and services ran by hundreds of thousands of people all working on different things. "Let's investigate the banks and see what comes up!" Good luck with that...

Please leave the personal comments out. Thanks.

Re: A.G. Schneiderman Launches Inquiry into Cryptocurrency “Exchanges”

#38
post #31

Earlier quoted context omitted.

I wouldn't be surprised if they did. In Toronto, TMX Inc (holders of the Toronto Stock Exchange) along with Paycase and Bank of Montreal have recently organized to establish their own trading desk/brokerage at the TSX for cryptocurrencies. The news of that came about a week or two after Bank of Montreal banned all purchases of cryptocurrency both on their debit and credit cards. While I'm suspicious of the banks' int…

I am all for reasonable suspicion regarding banks, but I feel like banks banning speculating on cryprocurrencies with borrowed money is just good risk management.

Absolutely! I would have been less suspicious in this case were it not for their banning of debit card/Interac use as well.

Many other Canadian banks banned the purchases on credit cards alone—not preventing anyone from using Interac Online or Visa Debit, etc.

Re: A.G. Schneiderman Launches Inquiry into Cryptocurrency “Exchanges”

#39
post #29

Boy, if only there were some big New York banks that would love to help these exchanges smooth things over with Mr. Schneiderman in exchange for some controlling equity...

Coinbase's exchange, gdax, is already partially owned by NYSE.

Re: A.G. Schneiderman Launches Inquiry into Cryptocurrency “Exchanges”

#40
post #28

I suspect they would find some efficiently fraudulent manipulation in the complete absence of regulation, if only those exchanges were regulated enough to retain data sufficient for such inquiries.

Fortunately all the cryptocurrency in and out transactions are irrevocably documented on a public legder.

That doesn't even scratch the surface of illegal trading activities that are probably taking place.
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