New York Attorney General Warns Virtual Currency Industry Members to Register Under the Martin Act – Do Bitlicense Holders Need to Dual-Register? (March 2021)
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On March 1, 2021, the Office of New York Attorney General Letitia James published an "Industry Alert" reminding the virtual currency industry that individuals and entities dealing in virtual or cryptocurrencies that are considered commodities or securities in the state of New York must register with the NYAG. The Industry Alert comes on the heels of the NYAG's lawsuit against Coinseed, Inc., and two of its executives, filed in February, alleging that Coinseed – which offered a mobile application that functioned as a trading platform and allowed customers to trade virtual currencies – was required to register with the NYAG as a commodity broker-dealer under the Martin Act, among other violations.
