New York Gets New Investor Protection Chief For Crypto Market Security Oversight
The cryptocurrency market keeps evolving in terms of regulations. Barbara D. Underwood, New York State Attorney General, announced a new Investor Protection Bureau Chief. Cynthia Hanawalt will be the Chief of the office of the New York General Attorney, and will be responsible for the Ponzi schemes and fee overcharge, among other risks related to virtual currencies.
During the last year, several situations affected the integrity of the market, which did not help to convince governments and regulators about the benefits of cryptocurrencies. The department will be working in order to improve New Yorkers financial security.
About it, she commented:
“I am honored to accept this appointment from Attorney General Underwood. Amidst federal retreat and Congressional attacks on the state laws protecting our citizens, there could not be a more important moment for energetic state securities work”
Underwood is very confident about Cynthia, stating that she will be working to protect investors and the integrity of the market. Furthermore, she said that Cynthia will be playing a very important role in the bureau.
It is important to mention that the Attorney General Underwood launched an inquiry on crypto exchanges with the intention to improve transparency and rules. Some of the exchanges receiving the inquiry letter were Coinbase, Gemini, Bitfinex, Huobi, Bittrex, Kraken, and Binance.
In order to keep operating, the platforms had to provide information about the ownership, control, basic operation, trading procedures and more. Some of the platforms decided to accept these new rules, while others choose the option to confront.