The state's attorney general warned investors about "extreme risk" when investing in cryptocurrency and issued warnings to those facilitating in the trading of virtual currencies. Sign up to our legal newsletter for a smart look at the day's headlines concerning the practice of law.
Subscribe to our newsletter to get all the news you need to start your day. Thomson Reuters Institute. Anders Spile. Shonette Gaston. Daily Docket Sign up to our legal newsletter for a smart look at the day's headlines concerning the practice of law.
Sign up. The BitLicense regulation it passed in means any company wanting to buy, sell, store, or issue a virtual currency would need a license. These companies need to comply with know-your-customer and anti-money-laundering rules. And they can only trade a limited number of cryptocurrencies.
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Learn more and get started today with a special new member discount. Crypto lending-earning products allow customers to take out loans using crypto as collateral. The platforms use the interest from those loans to pay high rates to investors who deposit money. These can be over 10 times the rates you'll find with traditional savings accounts , but the products carry much more risk. This week's move fits with what we're seeing at a state and national level. Authorities view these products as securities and want more control on how they operate.
The argument from the SEC is the same as the one the New York Attorney General uses in its cease-and-desist letter: If a product promises a rate of return to investors and uses trading or lending to generate those returns, it is a security. There are strict rules about who can sell securities and what rules they must follow.
The three platforms that have been asked to answer detailed questions about their operations. They will need to provide the following, along with other information:. The questions show that New York authorities want to understand if these platforms have given the state's residents any exposure at all to unauthorized products. The questions about interactions with Tether are also worth noting.
Stablecoins are cryptocurrencies whose value is pegged to a traditional commodity, like U. Fiat backed stablecoins like Tether are supposed to be supported by non-crypto reserves. That way, if a lot of people want to withdraw their USDT at the same time, they'd be able to do so. The worry is that this may not be the case for Tether.
In February, New York banned the well-known stablecoin following an investigation that showed Tether had not always been fully backed by U.
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Yes. A business must obtain a BitLicense if it engages in Virtual Currency Business Activity involving New York State or any person that resides, is located. Self-certification of a coin listing policy approved by DFS; Use of virtual currencies already on the Greenlist. For more information, please see Guidance. New York's license is called a BitLicense, and currently only 29 companies have approval through the state to trade cryptocurrencies. This year.