Will Schneiderman’s resignation be good for crypto exchanges? It’s possible

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Last month, New York Attorney General (AG) Eric Schneiderman announced that he is starting an inquiry directed at cryptocurrency exchanges, demanding that they turn over information about their operations. In the highly controversial move, several exchanges refused to comply, while others provided limited details. AG Schneiderman abruptly resigned early this week, and the first question that came to mind was whether the resignation would alter the course of cryptocurrencies in the state.  There’s a possibility that it could.

Schneiderman announced his resignation on Monday following allegations of physical abuse and possible sexual assault were published in The New Yorker. In a statement, Schneiderman said, “In the last several hours, serious allegations, which I strongly contest, have been made against me. While these allegations are unrelated to my professional conduct or the operations of the office, they will effectively prevent me from leading the office’s work at this critical time. I therefore resign my office, effective at the close of business on [Tuesday].”

According to the article, Schneiderman has been accused of assaulting at least four women and choking several without their consent. He has also been accused of misappropriation of controlled substances and for mocking anti-gun demonstrators. The New York attorney general allegedly referred to parents of students at Sandy Hook Elementary School as “losers.” Sandy Hook was the site of a mass attack in 2012 that left 20 children and six staff members dead.

After his resignation hit the media, many began to wonder if the cryptocurrency tides were going to change in New York. In an email to CoinDesk, the AG’s press secretary, Amy Spitalnick, simply stated, “Our office’s work continues.” However, no additional response was given and it’s possible that a new AG could have an entirely different agenda.

One candidate vying for the position is Manny Alicandro. Alicandro is a Republican corporate attorney who, after stints with NASDAQ and J.P. Morgan, struck out on his own. His target? A practice “focusing on digital assets and cryptocurrency markets.”