New York Joins Crackdown on Crypto Lending, Seemingly Targeting Nexo and Celsius

[RobertHarpool]

Ominous clouds on the horizon. 

You can find the article here.

I  am no longer a NY resident (TG)...still have friends who are ... but like many here, I certainly have holdings at Nexo and Celsius. 

 

[wojake]

Don't be surprised if Gemini launches a crypto lending service soon, they run the game in New York.

[Chocobo]

The US is such a shit show on crypto.

[Guest]

I see two logical next steps here, in lieu of favorable regulation - 

• Products from centralized platforms will be limited to Accredited Investors (see Circle's offering)
• Products from DeFi platforms through a Wyoming registered LAO (Thanks to Winston Smith on the Trustline Telegram Channel)

I get what they are trying to say - these products should effectively come under Banking or Securities laws, per the current legal framework in the U.S. There is no debate there.

Here's the problem that the government has, but likely hasn't recognized yet, though. If they don't pass reasonable regulation soon, they will move to DeFi and once that flywheel starts, there is no stopping it. It's in their best interest to support this on centralized platforms. Software evolves much much faster than Government regulation. 

[HAL1000]

4 hours ago, Ripley said:

Here's the problem that the government has, but likely hasn't recognized yet, though. If they don't pass reasonable regulation soon, they will move to DeFi and once that flywheel starts, there is no stopping it. It's in their best interest to support this on centralized platforms. Software evolves much much faster than Government regulation. 

DEFI is US, "THEY" are the ones who have been parasitically living off all of us, by inserting themselves into the middle of everything and in many ways. DEFI, can be seen as join US or WE will leave you, meaning "THEM", behind. WE can digitally shut "THEM" out, which means less control and power over US. This is the real economic war, WE are bringing to THEIR doorstep and THEY ain't going down without a fight, which is what this is all about.

[jMusic]

Very disappointed with Nexo as despite proving my residence location to them and them acknowledging it is acceptable, they have blocked me from earning interest.

My latest exchange with their customer service included this little gem...

Quote

Kindly be advised that upon review, we can confirm the case is still under review

They don't appear to know their arse from their elbow, I would recommend caution with them and perhaps exploring alternative options.

[brianwalden]

34 minutes ago, jMusic said:

Very disappointed with Nexo as despite proving my residence location to them and them acknowledging it is acceptable, they have blocked me from earning interest.

My latest exchange with their customer service included this little gem...

They don't appear to know their arse from their elbow, I would recommend caution with them and perhaps exploring alternative options.

That sounds like typical crypto customer service. Not anything to be alarmed about in and of itself. But you should use caution everywhere in crypto.