No, the NY Attorney General report on exchanges is not a bad thing

21 Sep, 2018
by Paula D. Baciu
News
No, the NY Attorney General report on exchanges is not a bad thing

The report released by the New York Attorney General (NY AG) on cryptocurrency exchanges launched a full debate on the role of regulations in this industry. An interview between industry expert Aaron Wright and MIT Technology Review brought up a new angle: the harsh report might benefit cryptocurrencies in the long term.

Aaron Wright, who is an expert on corporate property law and new technology issues, told the publication that he is optimistic about the consequences of this report for the industry. He believes that the exchanges who want to maintain their credibility and reliability in the eyes of their customers will take this report’s conclusions proactively.

While the issues raised by the NY AG are indeed controversial, Wright believes that this event will also sift the good from bad. The suggestions AG Underwood made are not unfounded, after all, and if the exchanges concerned are genuine, they will put the interest of their customers first. “I think ultimately, as this industry matures, the marketplaces that are the most safe and sound and secure will tend to win,” Wright concluded.

Barbara Underwood, the NY AG, evaluated cryptocurrency exchanges on several relevant levels over the course of a five months. She concluded that most of these companies, including Binance and Gate.io, elude certain virtual currency regulations.

The CEO of Kraken retaliated with an extensive letter and several tweets that conveyed the irrelevance of this report to cryptocurrency traders and the market altogether. Further on, many members of the market expressed their concern that the report was purposefully placed in order to influence the SEC decision on Cryptocurrency exchange traded funds due at the end of September.

Read more: CEO of Kraken fires back at NY gov't calling it 'abusive, controlling'

Read more: Does NY's recent crypto report kill any ETF possibility?

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