It’s time to take out the trash
New York State Attorney General Letitia James has proposed a law that would ban cryptocurrency exchanges from trading their own tokens, which in turn might save folks from burning their fingers on erratic or errant assets and investments.
The draft Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act [PDF] is wide-sweeping legislation that would crack down on the crypto-coin industry and perhaps prevent future market meltdowns.
Under CR_PTO – insert your own letter – blockchain businesses creating coins or tokens would be barred from operating as brokers of their digital assets. People managing those companies would not be allowed to trade those coins either, to avoid market manipulation or embezzlement. Cryptocurrency exchanges would not be allowed to keep hold of customer funds like a bank, while brokers would not be allowed to borrow or lend customers’ digital assets.
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lennyesq 