Idaho lawmakers have told the public to “look beyond the headlines” so they can “understand the risks” posed by investing in cryptocurrency.
In an official news release Thursday, the state’s Department of Finance (DATE) quoted director Gavin Lee saying investors should avoid “hype” when products or services involving cryptocurrency of any kind are involved.
He warned:
“Investors should go beyond the headlines and hype to understand the risks associated with investments in cryptocurrencies, as well as cryptocurrency futures contracts and other financial products where these virtual currencies are linked in some way to the underlying investment.”
In issuing the warning, Idaho joins the growing regulatory patchwork in effect across the US, with different states adopting fragmented attitudes towards virtual currency. Alaska also entered the fray this week, with Division of Banking and Securities director Kevin Anselm telling residents to exercise caution.
“We’re seeing a number of people contacted by sellers of virtual currencies or sellers that want people to get in on initial coin offerings, including virtual currencies.”
Year of Bitcoin?
At the national level, traders are waiting with bated breath for what may be a breakout year for Bitcoin-related financial instruments in 2018. The long-awaited Bitcoin ETF could be approved this year, rumors have suggested, following strong sentiment following the debut of Bitcoin futures trading last month.