NY AG Sends Warning Out To Crypto Industry

New York Attorney General Letitia James has warned crypto firms to “play by the rules” or risk getting shut down, according to a press release.

Calling cryptocurrency “high-risk,” James said “devastating losses” could occur, the release stated.

She said industry members should be properly registered and that those investing in crypto should watch out for conflicts of interest among trading platform operators and market manipulation, according to the release.

In other news, MicroStrategy, a major bitcoin backer, said it has bought another 328 bitcoin for around $15 million in cash, Reuters reported.

The move bolstered the company’s holdings of cryptocurrency and sent its shares 7 percent higher, the report stated. The new bitcoin was bought at around $45,710 each. MicroStrategy, which is the world’s largest publicly-traded business intelligence company, owns around 90,859 bitcoin.

Meanwhile, Rakuten, often referred to as “the Amazon of Japan,” will now let customers load up their Rakuten Pay accounts with cryptocurrencies including bitcoin, ethereum or bitcoin cash, Bitcoin.com reported.

Rakuten will also offer bonus points for those leveraging Rakuten Cash by way of crypto assets, the report stated. Users will be able to load their Rakuten app with the cryptos to buy items from stores, including FamilyMart, McDonald’s, 7-Eleven, and Mister Donut, among others.

In other news, A100x has announced the launch of a rolling venture fund for the investment in companies applying blockchain, artificial intelligence (AI), or other emerging technologies, for use in environmental, social or economic causes, according to a press release.

The fund will specifically focus on verticals like food and drug chains, healthcare, climate and financial services, the release stated.

AngelList debuted a rolling venture fund product in 2020, which automated and expedited the process, letting investments go to early-stage companies. The fund structure works to let fund managers raise new capital commitments regularly, investing as they go, which is how it got the “rolling” title, according to the release.

Lastly, Goldman Sachs has restarted its cryptocurrency desk amid a surge in interest in cryptocurrency, Reuters reported. The bank will also be dealing bitcoin futures and non-deliverable forwards for clients beginning next week.

This isn’t Goldman’s only activity in the digital assets sector, Reuters reported, as the bank has also started projects with blockchain technology and central bank digital currencies (CBDC). The bank is exploring possibilities for a bitcoin exchange traded fund and has issued a request for information to look into digital asset custody.



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