NY AG Letitia James proposed the Crypto Regulation, Protection, Transparency and Oversight Act (CRPTO), which would require crypto exchanges to have independent public audits and reimburse defrauded customers, among other regulations 

https://www.wsj.com/articles/new-york-attorney-general-seeks-broader-authority-to-police-crypto-cdcf08ed

New York Attorney General Seeks Broader Authority to Police Crypto

NY AG Letitia James proposed the Crypto Regulation, Protection, Transparency and Oversight Act (CRPTO), which would require crypto exchanges to have independent public audits and reimburse defrauded customers, among other regulations   https://www.wsj.com/articles/new-york-attorney-general-seeks-broader-authority-to-police-crypto-cdcf08ed

Todd Smith

When the government demonstrates they can control spending and earn market rates or better on my (taxpayer) money, I'll let them suggest ideas about #Crypto and the Public Good.  Until then, they can kiss my...

Crypto

Nate

requiring crypto exchanges to reimburse users who were the victims of fraud feels like a reasonable take to me.  Make exchanges care about security and their users not getting scammed vs just caring about the exchange getting hacked.

"The New York legislation could directly oppose some core tendencies of crypto companies to provide a range of activity, such as trading platforms, custody and brokerage services. That all-in-one approach would be counted as an illegal conflict of interests under the attorney general's proposal. The legislation also seeks to ban marketplaces from keeping custody of customer funds."

I have no idea how this would even work. 😵‍💫

"The New York legislation could directly oppose some core tendencies of crypto companies to provide a range of activity, such as trading platforms, custody and brokerage services. That all-in-one approach would be counted as an illegal conflict of interests under the attorney general's proposal. The legislation also seeks to ban marketplaces from keeping custody of customer funds."  I have no idea how this would even work. 😵‍💫

Bobby

^^^ this would essentially make stop-losses illegal on exchanges.

DEFI only it seems like, they're not allowed to take your crypto onto their books.

Product Hunt

The Information

Digital Wellness 📱🧘

Sci-Fi Fans

^^^ this would essentially make stop-losses illegal on exchanges.  DEFI only it seems like, they're not allowed to take your crypto onto their books.

Jerome Cody

"Recent DFS guidance has made clear expectations around the use of blockchain analytics technology, U.S. dollar-backed stablecoin issuance, banks engaging in virtual asset activity, and consumer protections in light of insolvencies," the spokesperson said.

"Earlier this year, the Department was the first regulator to address Binance, ordering Paxos to cease minting Paxos-issued BUSD, ameliorating risks before consumers were harmed. The Department also reached a $100 million settlement with Coinbase after an investigation found that the platform was vulnerable to serious criminal conduct, such as money laundering, suspected child sexual abuse material-related activity, and potential narcotics trafficking."

"Recent DFS guidance has made clear expectations around the use of blockchain analytics technology, U.S. dollar-backed stablecoin issuance, banks engaging in virtual asset activity, and consumer protections in light of insolvencies," the spokesperson said.  "Earlier this year, the Department was the first regulator to address Binance, ordering Paxos to cease minting Paxos-issued BUSD, ameliorating risks before consumers were harmed. The Department also reached a $100 million settlement with Coinbase after an investigation found that the platform was vulnerable to serious criminal conduct, such as money laundering, suspected child sexual abuse material-related activity, and potential narcotics trafficking."

Todd Smith

A group of likeminded people in Crypto are talking about this.