My understanding of the AG's letter is that it's not directed towards Coinbase. Coinbase is and continues to be legal in NY State, regardless of my dim opinion of its business model.
Edit: Unless you meant all of the thinly traded altcoins they've been adding which, yes, NY State has been correct to forbid. Penny stock fraud but with tire burning as the economic substrate.
Let's take DOGE and SHIB as an exammple. NY residents can trade on Coinbase DOGE but not SHIB, eventually they will let SHIB too. You are incorrect in saying NY 'forbids' it, they just require it to be 'registered' which leaves the various platforms one of two options: 1. Cut out NY, 2. Register.
Most platforms choose the former, and even if a platform chooses option 2 it takes time, money etc etc. Now, even tough DOGE was widely traded in the entire US it was not allowed in NY at the beginning of last year. So what happened now, did it become a 'better' coin? No! Will SHIB be a 'better' coin magically once it's 'registered'? Of course not. Point is, however much you hate crypto there is no point to this restrictive law.
> Most platforms choose the former, and even if a platform chooses option 2 it takes time, money etc etc. Now, even tough DOGE was widely traded in the entire US it was not allowed in NY at the beginning of last year. So what happened now, did it become a 'better' coin? No! Will SHIB be a 'better' coin magically once it's 'registered'? Of course not. Point is, however much you hate crypto there is no point to this restrictive law.
This misses the point: the financial legwork doesn't make any of these altcoins "better," it just makes their use more transparent to regulators. That transparency is in the public's interest. It's not the AG's job to make cryptocurrency better; it's her job to ensure that the laws of the State of New York are obeyed.
Edit: Unless you meant all of the thinly traded altcoins they've been adding which, yes, NY State has been correct to forbid. Penny stock fraud but with tire burning as the economic substrate.