New York Attorney General Calls Congress Against Bitcoin (BTC) and Cryptocurrency! “Act Now!”

New statements came from New York Attorney General Letitia James, who had previously warned against the risks of cryptocurrencies. NY Attorney General Letitia James has urged Congress to strengthen crypto regulation in a letter. James also called on Congress to stop US pension funds from investing in cryptocurrencies or crypto ETFs like Bitcoin (BTC). He claimed that cryptocurrencies exhibit high volatility and have no intrinsic value. “The underlying value of cryptocurrencies is unpredictable and has no real price, it is not determined. Because they do not have an intrinsic value on which their price is based. Cryptocurrencies are extremely unsuitable for retirement savings due to their high volatility. That’s why I’m calling on Congress to pass legislation that would strengthen federal regulation of the cryptocurrency industry to protect investors, strengthen financial markets, and stop fraud.” He stated that the proliferation of cryptocurrencies without regulation and appropriate security measures has a negative impact on the dollar and the markets. “The proliferation of unregulated cryptocurrencies undermines the sovereignty of the U.S. dollar, undermines national security through criminal activity, undermines the stability of financial markets, and exposes investors to price manipulation and fraudulent markets,” the NY Attorney General said. James also made a number of recommendations to Congress. James, who suggested that stablecoin issuers be based in the United States and under regulatory oversight, suggested requiring stablecoins to be backed by US dollars or treasury bonds. *This is not investment advice. Continue Reading: New York Attorney General Calls Congress Against Bitcoin (BTC) and Cryptocurrency! “Act Now!”

Source: BitcoinSistemi