NEW YORK–New York’s attorney general is yet another official expressing concerns about cryptocurrency.
Letitia James has issued two alerts in response to what the attorney general’s office is describing as “extreme risk” posed to New Yorkers investing in virtual or “crypto” currencies.
“Too often greedy industry players take unnecessary risks with investors’ money, but today we’re leveling the playing field and issuing alerts to both investors and industry members across the nation,” said James. “All investors should proceed with extreme caution when investing in virtual currencies. Cryptocurrencies are high-risk, unstable investments that could result in devastating losses just as quickly as they can provide gains.”
James’ message also addressed crypto firms that break the law.
“We will not hesitate to take action against anyone who violates the law,” she said. “Two weeks ago, we filed a lawsuit to shut down Coinseed’s fraudulent operation. Last week, we ended both Bitfinex and Tether’s illegal activities in New York. And now, we’re sending a clear message to the entire industry that you either play by the rules or we will shut you down.”