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New York Attorney General Letitia James issued a statement Monday warning of the "extreme risks" of cryptocurrencies, saying that investing in digital assets is "not prudent."
Her office issued a "alert to investors" about the risks involved in cryptocurrency markets, prompting James' tweet. “Underlying value is highly subjective and unpredictable,” “increased risk of market manipulation,” and “potential difficulties in cashing out of investments” are among the risks listed in the memo.
According to previous CoinDesk reporting, the warning comes amid increased demand from institutional and corporate buyers, as well as strong interest from retail investors who are contributing significantly to bitcoin's (BTC, +4.12 percent) ongoing rally.
The Attorney General also had a message for the industry. “We're sending a clear message to the entire industry that you either play by the rules or we will shut you down,” James said Monday, after suing investment app Coinseed and settling an investigation with Tether and Bitfinex.
A request for comment was not immediately returned by a spokesperson.
Source: Bityard (https://support.bityard.com/hc/en-us/articles/900005694883-Blockchain-News-Investing-in-cryptocurrencies-is-not-prudent-according-to-experts-According-to-the-Attorney-General-of-New-York-)