New York Attorney General Warns Against Crypto Investing, says It ‘Could Cause Devastating Losses’

New York Attorney General Letitia James has issued a warning against investing in cryptocurrencies.

“There are extreme risks in investing in virtual or cryptocurrencies,” she said. According to her, it is imperative that they act to protect the wallets of the investors, and as such,

“I’m warning New Yorkers and investors across the country that investing in this unstable market is not prudent and could cause devastating losses.”

“What should New Yorkers invest in? The lottery? Dollars? How about negative-yielding bonds?” commented trader and economist Alex Kruger on her warning.

While the NYAG office is being bearish on cryptocurrencies, lately, banks like BNY Mellon, Goldman Sachs, JPMorgan, and Citi are indulging in the crypto market and releasing their reports on the market’s bullish future.

The same day, Cboe also filed with the SEC to list a Bitcoin Exchange Traded Fund (ETF). Trader Jonny Moe said,

“It is beyond disappointing that the AG of the state that led financial innovation for the prior century is this shortsighted. NY continues to prove that they will likely not continue to be the world financial leader through the next century, and as a local, that's sad to see.”

James especially directed her warning towards cryptocurrency trading platforms.

“Let this also serve as a warning to those facilitating these trades: If you don’t play by the rules, we will not hesitate to shut down your operations.”

These comments came after last week NYAG settled with Tether and Bitfinex with the companies not admitting or denying any wrongdoing.

“We're ending Bitfinex and Tether's virtual currency trading in New York,” she said at the time. “Those trading virtual currencies in New York cannot avoid our laws, period.”

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