{"id":126959,"date":"2025-04-11T04:20:25","date_gmt":"2025-04-11T04:20:25","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=126959"},"modified":"2025-04-11T04:20:25","modified_gmt":"2025-04-11T04:20:25","slug":"ny-attorney-general-urges-congress-to-keep-pensions-crypto-free-no-intrinsic-value","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=126959","title":{"rendered":"NY attorney general urges Congress to keep pensions crypto-free \u2014 \u2018No intrinsic value\u2019"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsNew York Attorney General Letitia James has sent a letter to US congressional leaders urging \u201ccommon sense\u201d federal crypto regulations and to keep digital assets out of US pensions.<br \/>\n\u201cI am urging Congress to pass legislation that would strengthen federal regulations on the cryptocurrency industry to protect investors, strengthen financial markets, and stop fraud,\u201d James said in a 14-page letter shared on April 10, outlining six major risks if the sector remains unregulated.<br \/>\nShe said that without appropriate safeguards, the \u201cunchecked proliferation of digital assets\u201d undermines US dollar dominance, weakens national security due to criminal activity, and \u201cundermines the stability of financial markets.\u201d\u00a0<br \/>\nUnregulated crypto also subjects investors to \u201cprice manipulation and rigged markets,\u201d facilitates fraud that \u201cdrains billions of dollars from hardworking Americans, and extracts assets and investments from the American economy,\u201d she said.\u00a0<br \/>\nAn excerpt of James\u2019 letter to Congress. Source: Office of the New York State Attorney GeneralJames made a number of recommendations and pushed Congress for legislation that would require stablecoin issuers to have a US presence and regulatory oversight and mandate backing stablecoins with US dollars or treasuries.\u00a0<br \/>\nShe also wants regulations that require platforms to work only with anti-money laundering-compliant entities, establish registration requirements for issuers and intermediaries, protect against conflicts of interest and promote price transparency and require fraud prevention measures.<br \/>\nNo crypto assets in pension funds\u00a0<br \/>\nThe New York\u2019s top lawyer also aired her concerns about including crypto in pension funds.\u00a0<br \/>\n\u201cDigital assets are uniquely unsuitable for retirement savings due to their high volatility,\u201d she said, claiming that they have no value.<br \/>\n\u201cThe underlying value of cryptocurrency is unpredictable and not determined by true price discovery because they have no intrinsic value on which their prices are based.\u201d<br \/>\nJames also urged against retirement funds investing in crypto-tracking exchange-traded funds, stating that \u201cunlike traditional exchange-traded funds backed by stocks and bonds, cryptocurrency held to back cryptocurrency ETFs are at risk of permanent theft.\u201d\u00a0<br \/>\nRelated: US lawmaker will reintroduce crypto retirement bill to help Trump agenda<br \/>\n\u201cAs Congress takes the mantle to propose legislation governing the cryptocurrency industry, we hope it also takes action to mitigate the risks posed by the industry to America\u2019s national security, financial stability, and citizens,\u201d James said.\u00a0<br \/>\nThe call for regulation follows the US Department of Justice\u2019s reported dismantling of its federal criminal cryptocurrency fraud enforcement division.<br \/>\nMagazine: 3 reasons Ethereum could turn a corner: Kain Warwick, X Hall of Flame<a href=\"https:\/\/cointelegraph.com\/news\/new-york-attorney-general-urges-congress-pass-crypto-laws-no-crypto-pensions?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsNew York Attorney General Letitia James has sent a letter to US congressional leaders urging \u201ccommon sense\u201d federal crypto regulations and to keep digital assets out of US&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126959"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126959"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126959\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126959"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}