Apr 17, 2018

New York attorney general investigating 13 cryptocurrency exchanges

Illustration: Rebecca Zisser / Axios

New York's Attorney General, Eric Schneiderman, has sent letters of inquiry to 13 popular cryptocurrency exchanges, including Coinbase's GDAX and Gemini, about their operations and tools to protect customers.

Why it matters: Exchanges have been an area of concern and skepticism for regulators. Even the Securities and Exchange Commission and its chairman, Jay Clayton, have repeatedly warned that cryptocurrency exchanges aren't regulated like stock exchanges and shouldn't be trusted to operate with as much integrity.

Be smart: The state of New York already has some of its own regulations over cryptocurrency-related businesses. A Bitlicense, which only a handful of companies have been able to obtain, is required to operate in the state.

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Private equity returns fell behind stocks over the past decade

Illustration: Aïda Amer/Axios

U.S. private equity returns fell just below S&P 500 returns for the 10-year period ending last June, according to a report released Monday morning by Bain & Company.

Why it matters: Private equity markets itself as beating public markets over long-term time horizons, and usually providing an illiquidity premium to boot. These new performance figures not only dent such claims, but provide fresh ammunition to critics of public pension investment in private equity funds.

Why Apple may move to open iOS

Photo illustration: Jakub Porzycki/NurPhoto via Getty Images

Apple may finally allow iPhone owners to set email or browsing apps other than Apple's own as their preferred defaults, according to a Bloomberg report from last week.

The big picture: Customers have long clamored for the ability to choose their preferred apps, and now Apple, like other big tech companies, finds itself under increased scrutiny over anything perceived as anticompetitive.