An investigation into Bitcoin exchanges by the New York attorney general could spark volatility in cryptocurrencies, but that may be "part of the evolution" of digital money, said Lynn Martin, the president and chief operating officer of ICE Data Services. The attorney general, Eric Schneiderman, announced last week that his office was looking into 13 major Bitcoin exchanges, digging for information on processes they have in place to protect investors. The nascent world of digital trading has struggled with fraud, theft, and technical glitches. Earlier this year, digital currency exchange Coinbase admitted a bug in its system caused it to accidentally overcharge thousands of investors several times for the same purchase. Additionally, one of India's biggest cryptocurrency exchanges, Coinsecure, reported an employee stole $3 million in bitcoin from the platform. The New York investigation was not a major concern, said Martin, who added that the the cryptocurrency market was in its “infancy,” and transparency would be important for it to grow. After a steep drop from enthusiastic highs late last year, Bitcoin has rallied recently. Adam Back, co-founder and CEO of Blockstream, said in an interview with Cheddar that the market was, “reacting to tax day passing." Bitcoin rebounded above $9,000 over the weekend. For full interview, [click here](https://cheddar.com/videos/revolutionizing-crypto-trading).

Share:
More In Business
Starbucks’ Change Flushes Out a Debate Over Public Restroom Access
Starbucks’ decision to restrict its restrooms to paying customers has flushed out a wider problem: a patchwork of restroom use policies that varies by state and city. Starbucks announced last week a new code of conduct that says people need to make a purchase if they want to hang out or use the restroom. The coffee chain's policy change for bathroom privileges has left Americans confused and divided over who gets to go and when. The American Restroom Association, a public toilet advocacy group, was among the critics. Rules about restroom access in restaurants vary by state, city and county. The National Retail Federation says private businesses have a right to limit restroom use.
Trump Highlights Partnership Investing $500 Billion in AI
President Donald Trump is talking up a joint venture investing up to $500 billion for infrastructure tied to artificial intelligence by a new partnership formed by OpenAI, Oracle and SoftBank. The new entity, Stargate, will start building out data centers and the electricity generation needed for the further development of the fast-evolving AI in Texas, according to the White House. The initial investment is expected to be $100 billion and could reach five times that sum. While Trump has seized on similar announcements to show that his presidency is boosting the economy, there were already expectations of a massive buildout of data centers and electricity plants needed for the development of AI.
Load More