On June 2, New York Attorney General Letitia James warns about investing
into cryptographic money. She said the crypto market is “extremely unpredictable” and “unstable,” noting that the market “reached record lows” last month. James added: “New Yorkers should be cautious and think twice before putting their hard-earned money into this unstable market.”
The official Twitter record of the New York Attorney General’s Office tweeted:
“The cryptocurrency market is extremely unpredictable. Just last month, the market reached record lows and investors lost hundreds of billions.”
The cryptocurrency market is extremely unpredictable. Just last month, the market reached record lows and investors lost hundreds of billions.
New Yorkers should be cautious and think twice before putting their hard-earned money into this unstable market.— NY AG James (@NewYorkStateAG) June 2, 2022
The unstable underlying value of virtual currencies, greater transaction charges on trading platforms for transfers and withdrawals; and hidden trading costs are some of the hazards connected with the crypto market. The guideline also stated that there are frequent conflicts of interest in the crypto sector since many operators of crypto-trading platforms hold virtual currencies and trade on their own platforms without monitoring.
Last year, James shut down crypto exchange platform Coinseed. She additionally made a move against two crypto loaning platforms.
The New York Attorney general warning followed a long time of digital money market sell- off. In any case, many individuals on Twitter questioned her case that the crypto market arrived at lows the month before.
A few nations have likewise cautioned about investing into crypto following the crypto market sell-off. Likewise, digital currency Terra (LUNA) and stablecoin TerraUsd (UST) fell in May, losing practically the entirety of their qualities.
Following the breakdown of the two digital forms of money, the administrator of the U.S. Security and Exchange Commission (SEC), Gary Gensler, cautioned that a ton of crypto tokens will fall flat.
In addition to that, Bank of England Governor Andrew Bailey, stated that bitcoin has no fundamental value and is not a viable form of payment.
Read more:
New York district court orders BitMEX founders to pay $30M civil monetary penalty
