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New York Attorney General Cracks Down On Cryptocurrency Lending Services

New York Attorney General Letitia James announced on October 18 that she had ordered the shutdown of an unidentified group of cryptocurrency lending platforms operating in the state.

As per an official press release, the companies would be acting in contravention of the stipulations of General Business Law § 352 et seq —better known as the “Martin Act.”

Ms. James argues that cryptocurrency lending platforms are “interest-bearing accounts” and therefore must register with the Office of the Attorney General (OAG) in order to operate in New York.

Cryptocurrency Exchanges Are Not Above the Law

The Office of the New York Attorney did not specify the affected companies; however, the press release reveals that the Attorney General issued five notifications to a number of platforms operating in New York. To some, it was a cease and desist order. To others, she asked for information before taking further action.

“Cryptocurrency platforms must follow the law, just like everyone else, which is why we are now directing two crypto companies to shut down and forcing three more to answer questions immediately,”

Among a series of 14 demands, Attorney General asked the cryptocurrency businesses for user/client names, user IDs, date, time, IP addresses, and any other captured information of any client that could connect from New York.

Ms James also asked for personal data of users with unverified accounts, breakdown of KYC procedures, jurisdictions to which they offer services, and legal documents.

New York: The Final Boss in the Crypto-Verse

New York is a haven for finance-related businesses. Still, it also has perhaps the state with the worst reputation in all the United States regarding the legal framework and its relationship with cryptocurrencies.

The infamous Bitlicense is known for making it almost prohibitively expensive and complex to operate a business associated with the exchange of cryptocurrencies. Its creator, Benjamin Lawsky, New York’s first Superintendent of Financial Services, left his position to found a successful consulting firm that provided services to those interested in obtaining, you guessed it, a Bitlicense.

Its elimination was one of the promises of Democrat presidential pre-candidate (who’s now running for New York City Mayor) Andrew Yang. Still, it seems that the current President of the United States, Democrat Joe Biden, does not share the same vision and has appointed a cabinet that is more oriented to control the industry.

Cryptocurrency lending service initiatives have not been having a good year in America. Even Coinbase, the largest volume cryptocurrency exchange in the U.S., could not keep up with a cryptocurrency lending service that aimed to outperform high-yield accounts offered by traditional banks.

Similarly, other cryptocurrency lending services like Blockfi and Celsius, have been ordered to shut down in several US states.

How do I make cryptocurrency "Purchase" button on site based on user input?

So I’m working on a custom button right now for my site, along the process of trying to build out a crowdfunding cryptocurrency coin. I’ve found the code needed to call on MetaMask and create the "order" – but I cannot figure out how to change the order from a set number in the backend::Listen

So I’m working on a custom button right now for my site, along the process of trying to build out a crowdfunding cryptocurrency coin. I’ve found the code needed to call on MetaMask and create the "order" – but I cannot figure out how to change the order from a set number in the backend to a User Input in the front end.

Here’s the code I’m using:

<script src="http://rawgit.com/ethereum/web3.js/0.16.0/dist/web3.min.js"></script>
<script src="https://cdn.jsdelivr.net/npm/ethjs@0.3.0/dist/ethjs.min.js"></script>
<script>
window.addEventListener('load', function() {
 // Check if Web3 has been injected by the browser:
 if (typeof web3 !== 'undefined') {
 // You have a web3 browser! Continue below!
 startApp(web3);
 //alert("Web3");
 } else {
 //alert("No hay web3");
 // Warn the user that they need to get a web3 browser
 // Or install MetaMask, maybe with a nice graphic.
 }
})
const abi = [{
 "constant": false,
 "inputs": [
 ],
 "name": "buy",
 "outputs": [
 {
 "name": "success",
 "type": "bool"
 }
 ],
 "payable": true,
 "type": "function"
 }]
const contract_address = '0xEb63fB06dB9A38786C1dA0d9C4439f1969C82533'
const etherValue = web3.toWei(10, 'ether');
var address = '0x91612055A68aD74A6e756615941Ac59e9220A940'
function startApp(web3) {
 //alert("entro");
 const eth = new Eth(web3.currentProvider)
 const token = eth.contract(abi).at(contract_address);
 listenForClicks(token,web3)
 //alert("llego");
}
function listenForClicks (miniToken, web3) {
 var button = document.querySelector('button.transferFunds')
 web3.eth.getAccounts(function(err, accounts) { console.log(accounts); address = accounts.toString(); })
 button.addEventListener('click', function() {
miniToken.buy( { from: address, value: '10000' })
 .then(function (txHash) {
 console.log('Transaction sent')
 console.dir(txHash)
 waitForTxToBeMined(txHash)
 })
 .catch(console.error)
 })
}
async function waitForTxToBeMined (txHash) {
 let txReceipt
 while (!txReceipt) {
 try {
 txReceipt = await eth.getTransactionReceipt(txHash)
 } catch (err) {
 return indicateFailure(err)
 }
 }
 indicateSuccess()
}

</script>
<button class="transferFunds">Send Money!</button>

I’m clearly an amateur at this, so any and all help would be greatly appreciated!

New York Attorney General Cracks Down On Cryptocurrency Lending Services

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