Bitcoin (BTC) and the Cryptocurrency Opponent New York Attorney General Calls for Congress! "Act Now!"

New statements have come from New York Attorney General Letitia James, who previously warned about the risks of cryptocurrencies.

New York Attorney General Letitia James called on Congress to strengthen cryptocurrency regulation in a letter she sent.

James also urged Congress to take action to stop U.S. retirement funds from investing in cryptocurrencies or Bitcoin (BTC) like crypto ETFs.

He claimed that cryptocurrencies exhibit high volatility and have no intrinsic value.

"The underlying value of cryptocurrencies is unpredictable and they have no real prices, they cannot be determined. Because they lack an intrinsic value on which their prices are based.

Cryptocurrencies are extremely unsuitable for retirement savings due to their high volatility.

That’s why I’m calling on Congress to pass legislation that will strengthen federal regulation in the cryptocurrency sector to protect investors, strengthen financial markets, and stop fraud."

He stated that the widespread adoption of cryptocurrencies without regulation and appropriate security measures negatively impacted the dollar and the markets.

The NY Attorney General stated, “The proliferation of unregulated cryptocurrencies is undermining the dominance of the US dollar, weakening national security due to criminal activities, destabilizing financial markets, and exposing investors to price manipulation and fraudulent markets.”

James also made a series of suggestions to the Congress.

James, who proposed that stablecoin issuers be located in the US and under regulatory oversight, suggested that stablecoins should be required to be backed by US dollars or treasury bonds.