Attorney general says inquiry into policies and practices of cryptocurrency platforms is an effort to protect consumers
The New York attorney general, Eric Schneiderman, launched an inquiry into cryptocurrency exchanges on Tuesday arguing that consumers often don’t have access to “basic facts” about how they operate.
Schneiderman described the inquiry into the policies and practices of platforms used by consumers to trade cryptocurrencies such as bitcoin as part of a broader effort to protect cryptocurrency investors and consumers.
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bitcoin is the first, and the biggest, “cryptocurrency” – a decentralised tradeable digital asset. Whether it is a bad investment is the big question. bitcoin can only be used as a medium of exchange and in practice has been far more important for the dark economy than it has for most legitimate uses. The lack of any central authority makes bitcoin remarkably resilient to censorship, corruption – or regulation. That means it has attracted a range of backers, from libertarian monetarists who enjoy the idea of a currency with no inflation and no central bank, to drug dealers who like the fact that it is hard (but not impossible) to trace a bitcoin transaction back to a physical person.
