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

ag.ny.gov

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

#41

Post by JumpCrisscross »

pjc50 wrote: post #28
austincheney wrote: post #2

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.

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

The blockchain doesn't (consistently) tell you who owns which wallets, nor if they're a terrorist financier or money launderer. This is besides the point that "exchange" has a specific legal meaning under the Securities Exchange Act of 1934, as amended.

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

#42

Post by Sangermaine »

jMyles wrote: post #5

I'll point out the obvious, just to get the discussion going: it's reasonable to suspect that the motivation is not consumer protection but subversion of technology which presents a challenge to the FIRE economy, which has a tragic stranglehold on NY (my home state). How will we know the difference? What will we do if indeed it's the latter?

> it's reasonable to suspect that the motivation is not consumer protection but subversion of technology which presents a challenge to the FIRE economy

No, it isn't. It's only reasonable within the tiny fantasy world of True Believers where the whole world is conspiring to keep the glory of cryptocurrency down. This is the exact same action that would be taken against any other unauthorized, unregistered securities trading. Not to mention an area which has become infamously rife with scams and fraud.

Schneiderman especially has a sterling reputation with regard to pushing against the great financial powers and investigating crimes in that area.

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

#43

Post by Sangermaine »

jMyles wrote: post #26
cycrutchfield wrote: post #19

Earlier quoted context omitted.

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

No it's not. I think you are perhaps intentionally being a bit obtuse to make a point, but you are better off just coming out and stating your beliefs. In this case: major finance players are top dogs in Albany politics (along with other FIRE economy and pharma). Their input most certainly has influenced and is influencing both investigations (or lack thereof) into criminal activity in big banks and other financial i…

What's unhelpful is baseless speculation about conspiracies and corruption. You're the one making the accusations, you don't get to criticize others asking about them.

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

#44

Post by drawnwren »

darawk wrote: post #23
aje403 wrote: 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 would bet every single crypto exchange has their hand deep in the honey pot I really doubt it. These exchanges are making unbelievable amounts of money in fees. There's no reason for them to risk that just to make a little more.

Until now, that 'risk' has closely approached 0. In the case of Mtgox, it may have actually turned out to be negative.

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

#45

Post by Sangermaine »

cycrutchfield wrote: post #35
snissn wrote: post #24

Earlier quoted context omitted.

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.

Proof is obviously just another trick by the statist stooges conspiring to hold back cryptocurrencies.

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

#46

Post by JumpCrisscross »

drcode wrote: 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...

> big New York banks that would love to help these exchanges smooth things over with Mr. Schneiderman

The New York Department of Financial Services and Attorney General's offices are some of the few state offices that relish going after banks. If you're a New Yorker, getting a dispute resolved with a large bank typically only involves Cc'ing one or both (if the facts are on your side).

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

#47

Post by lallysingh »

ebryce wrote: post #30
jMyles wrote: post #5

I'll point out the obvious, just to get the discussion going: it's reasonable to suspect that the motivation is not consumer protection but subversion of technology which presents a challenge to the FIRE economy, which has a tragic stranglehold on NY (my home state). How will we know the difference? What will we do if indeed it's the latter?

The NY AG has actually been fairly aggressive in the past few months in investigating and reaching record settlements with financial institutions.

And finance firms look at the crypto markets as both potential opportunities for themselves and ways to make the stock market look safe in comparison for their own customers

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

#48

Post by snissn »

cycrutchfield wrote: post #35
snissn wrote: post #24

Earlier quoted context omitted.

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.

He has motivation to protect the legacy banking system and all unenumerated motivations as well.

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

#49

Post by JumpCrisscross »

hapnin wrote: post #8

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

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

Is it really easier for you to spin this into a conspiracy theory than consider the facts on the ground?

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

#50

Post by Sangermaine »

hapnin wrote: post #8

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

Who is they? The current AG wasn't in office then. And the fact that some entities weren't investigated does not excuse the actions of other, unrelated entities.
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