Jessie Powell, the CEO of U.S.-based cryptocurrency exchange Kraken, has publicly stated his refusal to answer a questionnaire issued by the New York Attorney General’s office. Mr. Powell has described the questionnaire – which was sent to thirteen virtual currency exchanges operating in the United States – as hostile to both cryptocurrencies and the virtual currency sector generally.
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Kraken CEO Rejects Questionnaire From New York Regulators
The chief executive officer of major cryptocurrency exchange Kraken, has a questionnaire sent to thirteen cryptocurrency exchanges operating in the United States by the office of the New York Attorney General.
Kraken described the questionnaire for “” as comprising a “tone-deaf response” to the emerging cryptocurrency on the part of New York’s regulators. The company claims to be “happy to help government understand our business” under “ordinary” circumstances, however, describes the questionnaire as being overtly “hostile to crypto,” and indicative of hostility toward the industry on the part of the state of New York generally.
On his private Twitter account, Mr. Powell also described acceptance of the questionnaire as comprising “placative kowtowing.”
Eric Voorhees, the chief executive officer of Shapeshift, Mr. Powell for his comments on Twitter, stating “thank you for taking the ethical stance and speaking up for what’s right. Crypto has brought more transparency to finance and protection to consumers than the last 100 years of bureaucratic nonsense that has spilled from the sewers of New York.”
Office of New York Attorney General Issued Questionnaire to Thirteen Cryptocurrency Exchanges
The so-called questionnaire comprises a 34-point survey requesting that exchanges provide information including that pertaining to their ownership structure, basic operations, know-your-customer (KYC) policies, and anti-money laundering procedures by May 1st.
The questionnaire has been issued to Coinbase, Inc., Gemini Trust Company, Bitflyer USA, Inc., iFinex Inc (Bitfinex), Bitstamp USA Inc., Payward, Inc. (Kraken), Bittrex, Inc., Circle Internet Financial Limited (Poloniex), Binance Limited, Elite Way Development LLC (Tidex), Gate Technology Inc, Itbit Trust Company, and Huobi Global Limited.
New York Attorney General, Eric Schneiderman, claimed that “With cryptocurrency on the rise, consumers in New York and across the country have a right to transparency and accountability when they invest their money. Yet too often, consumers don’t have the basic facts they need to assess the fairness, integrity, and security of these trading platforms” in a issued on April 17th. “Our Virtual Markets Integrity Initiative sets out to change that, promoting the accountability and transparency in the virtual currency marketplace that investors and consumers deserve,” Mr. Schneiderman added.
Following Mr. Powell’s rejection of the questionnaire, Amy Spitalnick, a spokeswoman for Eric Schneiderman, the questionnaire as having requested “very basic information that any credible platform should have on hand and be willing to share with their investors […] Legitimate entities generally like to demonstrate to their investors that their money will be protected.”
How do you feel about the questionnaire issued to cryptocurrency exchanges by the office of the New York Attorney General? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Times of Israel
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If you have ever tried to plan a foreign trip, you definitely know that it is a quite challenging task. Though there are an enormous number of various opportunities to buy tickets, book accommodation, find touristic attractions and to do many other things online, there are still a lot of difficulties in doing this.
In order to find the best solution, you need to check dozens of websites, compare hundreds of offerings and to correlate everything by yourself. Moreover, a lot of services take commissions on each booking which means that you are forced to overpay.
Nevertheless, some obstacles can be waiting for you in destination countries, including cultural peculiarities, language barrier, risk of being scammed or getting into trouble due to local laws that can differ from the legislative system in your home country.
Blockchain-enabled ecosystem is aimed at dealing with all the above-mentioned issues. This platform is designed to unite everything that is necessary for travelers in one place and to connect travelers with travel service providers.
New service is a unique combination of Facebook and Booking service opportunities. Thanks to Smart Trip platform, travelers will be able to book plane tickets, accommodation and excursions just with the help of one service.
Moreover, Smart Trip will provide users with useful recommendations on what is allowed and what is not in a destination country, what precaution should be taken, what cafes and restaurants are the best and on many other things. Travelers also will find there a virtual phrasebook, weather forecasts and emergency services that will be available even if you are offline.
But the main thing that Smart Trip founders want to offer is a social network functionality. Travelers will be able to publish their reviews with photos of the places that they have visited, participate in chats and to communicate with people interested in the same destination or with those who want to share their knowledge about this or that country.
The social network functionality will enable business owners to establish and develop direct communication with their potential clients and reach the widest audience possible. But we should mention that it is a win-win game as tourists will benefit as well. Now they will get a wider choice of services providers.
With a view to find a solution to any disputes between the platform users that may appear, Smart Trip will launch an arbitration system where the most active users will act as arbiters. The Decentralized Autonomous Organization model will be utilized as the most reliable and trustworthy method.
All the payments between the parties will be carried out via blockchain tech and smart contracts which ensures their full security. Of course, it is clear that airlines or hotels are not usually eager to accept other means of payment except fiat currency. Nevertheless, the solution has been already found.
Smart Trip platform promises to convert all their TASH tokens received from users into local currency of services providers. What is more, users will have Smart Trip debit cards and will be able to pay for all their trip-related services in Smart Trip tokens that will be available for sale later this year.
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