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There are licensed and regulated stable coins on the rise ( like USDC, PAX ), that will play by all the rules, have better protections, be audit-able and have t
by smoovb 7y ago
There are licensed and regulated stable coins on the rise ( like USDC, PAX ), that will play by all the rules, have better protections, be audit-able and have the ability to be revoked in cases of crime.
In a free market there is also a place for a non-US company to offer a product like Tether. Why this is at all the business of the AG of NY is the real question here. Who benefits from these AG actions?
- pavlov 7y ago> "Why this is at all the business of the AG of NY is the real question here." Because investors based in New York are being swindled by Bitfinex/Tether? From the AG's site: "In November 2018, the Attorney General issued subpoenas to Bitfinex and Tether, which are owned and operated by the same small group of individuals, and claim not to do business in New York. As alleged in court papers filed by the Attorney General’s office, the Bitfinex trading platform allows New Yorkers to purchase and trade virtual currencies, including the so-called “tether” stablecoin, a virtual currency the companies long claimed was “backed 1-to-1” by U.S. dollars held in cash reserve." https://ag.ny.gov/press-release/attorney-general-james-announces-court-order-against-crypto-currency-company-under https://ag.ny.gov/press-release/attorney-general-james-annou... You can't escape financial regulations by claiming that you don't do business in jurisdiction X while simultaneously taking investment money from people in that jurisdiction.