A.G. Schneiderman Launches Inquiry Into Cryptocurrency “Exchanges”

Virtual Markets Integrity Initiative Seeks to Improve Transparency and Accountability of Major Cryptocurrency Trading Platforms to Protect Virtual Currency Investors

AG’s Office Sends Letters to 13 Virtual Currency Trading Platforms or “Exchanges” Requesting Disclosures on Their Operations, Use of Bots, Conflicts of Interest, Outages, and Other Key Issues

  New York Attorney General Eric T. Schneiderman launched the Virtual Markets Integrity Initiative, a fact-finding inquiry into the policies and practices of platforms used by consumers to trade virtual or “crypto” currencies like bitcoin and ether. As part of a broader effort to protect cryptocurrency investors and consumers, the Attorney General’s office sent letters to thirteen major virtual currency trading platforms requesting key information on their operations, internal controls, and safeguards to protect customer assets. As the letters explain, the Initiative seeks to increase transparency and accountability as it relates to the platforms retail investors rely on to trade virtual currency, and better inform enforcement agencies, investors, and consumers.

“With cryptocurrency on the rise, consumers in New York and across the country have a right to transparency and accountability when they invest their money. Yet too often, consumers don’t have the basic facts they need to assess the fairness, integrity, and security of these trading platforms,” said Attorney General Schneiderman. “Our Virtual Markets Integrity Initiative sets out to change that, promoting the accountability and transparency in the virtual currency marketplace that investors and consumers deserve.”

Virtual or “crypto” currency trading platforms match buyers and sellers of virtual currencies. Sometimes referred to as “exchanges,” these platforms are a key point of entry into the virtual currency market for professional and retail investors alike. They serve as repositories for sensitive personal information and custodians of vast sums of virtual and government-issued (or “fiat”) currency.

Ensuring that enforcement agencies, investors, and consumers have the information they need to understand the practices and the risks on these platforms is critical, given reports of the theft of vast sums of virtual currency from customer accounts, sudden and poorly explained trading outages, possible market manipulation, and difficulties when withdrawing funds from accounts. Often, the platforms lack the basic market protections of traditional investing platforms. Moreover, the extent of disclosures to customers about trading rules, internal controls, and other basic practices varies from platform-to-platform, making it difficult or impossible for prospective users to evaluate the actual risks of trading on a particular platform.

The Initiative stems from the Attorney General’s duty to protect consumers and ensure the fairness and integrity of the financial markets. Before trading on a new platform, sophisticated investors routinely demand robust disclosures, allowing them to assess the platform’s operations and the adequacy of its policies and internal controls. The questionnaire delivered to the virtual currency platforms asks for similar information so that average investors can better understand the risks and protections.

The questionnaires ask the platforms to disclose information falling within six major topic areas, including (1) Ownership and Control, (2) Basic Operation and Fees, (3) Trading Policies and Procedures, (4) Outages and Other Suspensions of Trading, (5) Internal Controls, and (6) Privacy and Money Laundering. Among other areas of interest, the questionnaires request that platforms describe their approach to combating suspicious trading and market manipulation; their policies on the operation of bots; their limitations on the use of and access to non-public trading information; and the safeguards they have in place to protect customer funds from theft, fraud, and other risks. The Attorney General’s office will analyze the responses, compare them across platforms, and at the conclusion of this process, present what it learned to the public. 

The Investor Protection Bureau of the Office of the Attorney General sent letters to the following virtual currency trading platforms: (1) Coinbase, Inc. (GDAX); (2) Gemini Trust Company; (3) bitFlyer USA, Inc.; (4) iFinex Inc. (Bitfinex); (5) Bitstamp USA Inc.; (6) Payward, Inc. (Kraken); (7) Bittrex, Inc.; (8) Circle Internet Financial Limited (Poloniex LLC); (9) Binance Limited; (10) Elite Way Developments LLP (Tidex.com); (11) Gate Technology Incorporated (Gate.io); (12) itBit Trust Company; and (13) Huobi Global Limited (Huobi.Pro).

The full text of the letters sent to the trading platforms can be found below. The questionnaire is available here.

We write on behalf of the New York State Office of the Attorney General (“OAG”) to request the participation of [company] in OAG’s Virtual Markets Integrity Initiative, which seeks to protect the interests of New York residents who trade virtual currency and related investment products.[1] OAG is asking major virtual currency trading platforms (often referred to as “exchanges”) to respond to a questionnaire addressing key aspects of their operations, including their fee structure, their internal controls, and the measures they take to safeguard funds in customer accounts.[2] Through this Initiative, OAG seeks to increase transparency and accountability in the virtual currency marketplace—and better inform the actions of enforcement agencies, investors, and consumers in this space.

As you know, bitcoin, ether, and other virtual currencies have captured the imagination of millions of people worldwide. Representing a technological advance, a medium of exchange, and an investment opportunity all at once, virtual currencies are inspiring innovators, entrepreneurs, and investors—and are fueling an increasingly diverse ecosystem of companies and applications. But virtual currency is also a highly speculative sector, featuring significant volatility, instability, and risk. Moreover, published reports indicate the sector has attracted fraudsters, market manipulators, and thieves. As the State’s chief law enforcement agency, OAG is responsible for protecting consumers and investors from these bad actors and ensuring the fairness and integrity of New York’s financial markets.[3]  See, e.g., N.Y. Exec. Law § 63(12); N.Y. Gen. Bus. Law § 349; N.Y. Gen. Bus. Law § 352.

As with other emerging sectors, the challenge with virtual currency is to prevent fraud and other abuses, safeguard market integrity, and protect individual investors—without stifling legitimate market activity or innovation. OAG’s Virtual Markets Integrity Initiative seeks to advance these objectives by promoting meaningful transparency, accountability, and the opportunity for government agencies, consumer advocates, and investors to compare the policies, procedures, and protections of virtual currency platforms. Sophisticated investors routinely require privately-owned trading venues on which they are considering trading to furnish robust disclosures about their operations, policies, and internal controls so that they can evaluate the risks of trading on a given platform. The enclosed questionnaire asks [company] to supply similar information, for the benefit of not only professional investors and financial firms, but all consumers who may trade virtual currency on platforms, so that they better understand their operations and the associated risks.

The topics set forth in our questionnaire address fundamental aspects of your operations or issues that have already attracted significant public attention.  Indeed, many may be covered in your web disclosures or regulatory filings. They range from your platform’s basic trading rules, to the policies and safeguards you have implemented to prevent conflicts of interest, fraud, and illegality; address the operation of bots; and protection of customer assets from theft and other risks. We will review and assess your responses, compare them with those of other platforms, and disclose certain information in a publicly accessible format.[4] As part of this disclosure, we will identify any platforms that decline to provide meaningfully complete responses.

We kindly ask that you provide detailed and clear responses for each topic, as well as a contact from whom we can seek supplemental information, as necessary. Please complete the enclosed questionnaire and return your responses to our attention no later than May 1, 2018. In the event you have any questions or concerns, please do not hesitate to reach out to us.

Sincerely,                                           

Simon G. Brandler, Senior Advisor & Special Counsel                               

John D. Castiglione, Asst. Attorney General, Investor Protection Bureau

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[1] As used here and in the enclosed questionnaire, “Virtual Currency” and other terms have the same meanings as set forth in 23 NYCRR § 200.2 (Definitions).

[2] We are aware that certain trading platforms have formal rules barring access in New York and may not have a license to engage in virtual currency business activity in New York. Among other topics, we are asking platforms to describe their measures for restricting trading from prohibited jurisdictions.

[3] This role is separate from, but complementary to, that of New York State’s Department of Financial Services, which established a first-in-the-nation licensing protocol that requires virtual currency trading platforms and other firms engaged in virtual currency business activities to receive approval to operate and follow certain regulatory requirements.

[4] You may designate and request confidential treatment for the portion of any response that contains a valid trade secret or may otherwise be exempt from disclosure under New York’s Freedom of Information Law.  N.Y. Pub. Off. Law §§ 87(2)(a)-(d).

FORMER INMATE SENTENCED TO 11 YEARS IN PRISON FOR BRUTAL SLASHING OF NYC DEPARTMENT OF CORRECTION OFFICER IN 2015

Sentence to Run Consecutive to Nine-Year Term He Is Serving for Weapon Charge

  Bronx District Attorney Darcel D. Clark today announced that a former Rikers Island inmate has been sentenced to 11 years in prison in a slashing that left a NYC Department of Correction officer with life-changing injuries. 

 District Attorney Clark said, “As another inmate held the officer in a chokehold, the defendant sliced him on his face and his arm, requiring 20 stitches on his left cheek and four stitches to his wrist. It was an outrageous display of violence against a correction officer doing his job. Now the defendant will serve 11 years, in addition to nine years he is already serving for a weapon conviction. You will not escape prosecution for violence in our jails even if you have left Rikers Island.” 

 District Attorney Clark said the defendant, William Whitfield, ( aka Savage Scrilla), 21, a Bloods member, was sentenced to 11 years in prison today by Bronx Supreme Court Justice Ralph Fabrizio, to be served consecutive to a nine year sentence for a weapon conviction. Whitfield pleaded guilty to Aggravated Assault of a Police or Peace Officer on March 19, 2018.

 According to the investigation, on November 5, 2015, in the George Motchan Detention Center, Correction Officer Ray Calderon was approached from behind by an inmate who put his arms around the officer’s neck and squeezed. Whitfield approached with a sharp object. He sliced the left side of the officer’s face from his forehead down to his cheek and ear, and sliced him on the right arm.

MAYOR DE BLASIO TARGETS RATS FOR EXTERMINATION AT 10 NYCHA DEVELOPMENTS

NYCHA’s ten most infested developments will receive dry-ice abatement treatments, full-time exterminators, new trash bins for residents as part of Mayor’s Neighborhood Rat Reduction Plan

  Mayor Bill de Blasio today launched an aggressive, new extermination plan at the ten most infested rat developments at NYCHA. These developments will receive dry-ice abatement treatments, full-time exterminators, trash bins for residents and new concrete floors. This effort is a part of the Mayor’s $32 million effort to reduce the rat population by as much as 70% in the City’s most infested neighborhoods: the Grand Concourse area, Chinatown/East Village/Lower East Side and Bushwick/Bedford-Stuyvesant.

This targeted pest management approach will attack rats’ food sources and burrows. These methods have proven effective at reducing rat reproduction and populations. The City will employ environmentally friendly rodenticide to reduce burrow counts, provide residents with smaller garbage bins are compatible with the dimensions of NYCHA trash chutes to reduce trash from collecting elsewhere on NYCHA grounds and seal off dirt basements with concrete to keep rats out of buildings.

“We want to make the greatest city on earth the worst place in the world to be a rat,” said Mayor de Blasio. “We are launching an all-out offensive to dramatically reduce the rat population at these developments and improve the quality of life for residents.”

“Through partnership with our colleagues at DOHMH and DSNY and working with our residents, we hope to finally take control of the rat problem at NYCHA,” said NYCHA General Manager Vito Mustaciuolo. “For too long, residents have had to accept rats as a regular presence but through the Mayor’s Rat Reduction Program, we have the resources and support to reduce infestations.”

The City aims to reduce the rat population at these ten developments where approximately 23,000 residents live:

·         Bushwick 

·         Webster 

·         Marcy

·         Butler 

·         Morris I

·         Morris II

·         Riis  I

·         Riis II

·         Morrissania

·         Hylan

The City will implement the following measures to reduce available habitats and food sources for rats, which will help to diminish the rodent population:

·         Dry-Ice Abatement: The City will start using dry ice to plug rat burrows at these developments. This humane, EPA-certified treatment will begin this week and continue until the end of June. Dry ice can be effective after one application, or depending on the location and severity of the infestation, after several subsequent applications.

·       Full-Time Exterminators: NYCHA will designate a full-time exterminator at each of these ten developments to respond to maintenance request and support dry ice treatments. NYCHA exterminators are currently assigned to a borough and rotate between developments.

·         New Waste Containers: The City will provide residents at these targeted developments with new trash bins this summer. These smaller bins are more compatible with the size of NYCHA’s trash chutes, which will prevent chutes from clogging and reduce trash from being deposited elsewhere on NYCHA grounds.

·       Replace dirt floors with concrete at 42 NYCHA buildings. All ‘rat slabs’ have been designed. The first half will be completed in 2018, the other half will be completed in 2019.

In July 2017, the Mayor launched the $32 million Neighborhood Rat Reduction plan to reduce the rat population in the three most infested neighborhoods in NYC.  The de Blasio Administration has made an unprecedented commitment to preserve and strengthen public housing. Since 2014, the City has invested $1.3 billion to fix nearly 1,000 roofs and $555 million to repair deteriorating exterior brickwork at more 400 buildings. The Mayor also waived both NYCHA’s annual PILOT payment and NYPD payment, relieving NYCHA of nearly $300 million in operating expenses since 2014.

EDITOR'S NOTE:

Dry Ice is used in transportation of ice cream and frozen foods when there is no freezer available. 
Dry Ice gives off fumes that can render a person unconscious, and the area needs to be ventilated.
Dry Ice also burns when it comes in contact with human flesh, brcause is basically solid nitrogen. 

Is it Mayor de Blasio's attempt to freeze or gas the rats in the selected NYCHA houses? The mayor needs to know that the vapors from the Dry Ice will rise up to apartments above where it is placed. 

CITY TO INVEST $3 MILLION PER YEAR IN SERVICES TO REDUCE THE NUMBER OF TEENS IN CITY CUSTODY

Programs aim to further decrease the number of 16- and 17-year-olds in City custody, which is down nearly 48 percent since December 2013

  Mayor de Blasio announced a $3 million annual investment to provide an array of services to young people that will help safely drive down the number of teenagers in city custody and advance the City’s commitment to provide young people in trouble with high quality programming that addresses underlying issues in their lives.

“Diverting teens from the justice system means making sure they’re getting the services they need to turn their lives around and taking a holistic approach that addresses the underlying issues in their lives. There are roughly half as many 16- and 17-year-olds in City custody than in 2013, and we’re investing in programs that have the potential to put even more young people on better paths toward brighter futures,” said Mayor de Blasio.

The City’s new recurring annual investment of $3 million will support a variety of strategies, including:

·         Two new programs that will prevent young people from entering jail. Instead of detaining young people, judges will have new options to release young people to community-based programs including:

     §  Family therapy: The program will use a unique, evidence-driven model that provides support and therapy not just for the young person, but also for his or her entire family. In this way, the program will ensure that the young person has a network of support to build a productive future;

    §  Intensive mentoring: New to New York City, this program will offer young people multiple years of intensive mentorship and social work support, along with opportunities for job readiness training, paid internships, and career development. Intended to serve young people at the highest risk of justice involvement, this program will also allow referrals from police, prosecutors, and others.

     ·         Expansion of a program that reduces how long young people stay in city custody: 

    o   In-court case expediting: The City is investing in in-court staff to ensure young people’s cases move fairly and efficiently through the court system.

        o   Advocacy for earlier release to community programming: The City will expand a program that pairs detained young people with social workers who can facilitate bail payment or advocate releasing detained young people to intensive community-based programming.

Together, these strategies could reduce the number of 16- and 17-year-olds in city custody by an additional 20 percent over the next five years. The adolescent population has already been in swift decline. The number of 16 and 17-year-olds in Department of Correction custody has hovered around 125 for most of 2018, which is down by 17 percent compared to this time last year.

The programs join a host of other reforms the Administration is pursuing to ensure that young people in the criminal justice system are treated in a developmentally appropriate way, maximizing their opportunity to build a productive future. The City was an early and vocal advocate for Raising the Age of criminal responsibility in New York State and, since the passage of this law last year, the City remains committed to transition 16- and 17- year-olds off of Rikers Island later this year.

The programs announced today build on the success of the City’s juvenile justice system for youth under the age of 16. Fewer young people are being arrested and entering the juvenile justice system than ever before. In the last three years, there has been a 32 percent decrease in admissions to juvenile detention. The Administration for Children’s Services, which manages the City’s juvenile justice system, has made significant strides in improving the lives of children and families involved in the justice system, with a particular focus on keeping young people strongly connected to their communities.

In preparation to absorb 16- and 17-year-olds into this youth justice system, the City is currently working to design and develop age-appropriate facilities that prioritize education, vocational programming, therapeutic services, and have space for outdoor recreation. Additionally, the City has eliminated punitive segregation for all 16-21-year-olds and enhanced family-engagement for incarcerated youth as well as individualized support teams for young people with histories of violent behavior.

The Mayor’s Office of Criminal Justice and the Department of Correction are also partnering to provide expanded re-entry planning in custody along with educational, employment and health support once young people return to the community. The Department of Correction is also now actively recruiting officers capable of working with adolescents and addressing their unique needs.

Elizabeth Glazer, Director of the Mayor’s Office of Criminal Justice, said, “One critical pathway to getting young people off of Rikers Island is by reducing the number of teenagers in custody through effective, community-based services when appropriate. These programs can have a major impact on the lives of the people involved and help reduce the number of teenagers in the City’s custody.” 

Department of Correction Commissioner Cynthia Brann said, “The Department is fully committed to moving adolescents off Rikers Island and into facilities with continued access to meaningful, age-appropriate programming that we have worked hard within our agency and with provider partners to develop. We know from our successes at RNDC that these programs work, and we’re going to help make sure they continue to work as we move our adolescents into facilities that have been designed in a manner dedicated to meet their needs.”

STATEMENT FROM BOROUGH PRESIDENT DIAZ RE: Island-wide Blackout in Puerto Rico

  “Today’s island-wide blackout on Puerto Rico shows that not nearly enough is being done to support and rebuild the island. With hurricane season approaching, we need to work expeditiously to ensure the people of Puerto Rico are able to have a safe-haven from potentially devastating weather. The citizens of a first-world nation should not be forced to endure such fragile infrastructure.

“This is especially galling given FEMA’s current policy of denying extensions for housing in the United States for victims of Hurricane Maria, under the false premise that utilities in Puerto Rico have been restored. This blackout makes it crystal clear that the federal government has abandoned the 3.5 million American citizens who call Puerto Rico their home,” said Bronx Borough President Ruben Diaz Jr.

In December 2017, Borough President Diaz issued a report, “Left In The Dark: An Action Plan for Puerto Rico’s Future 100 Days After Hurricane Maria,” outlining an action plan for the short and long term recovery of the island of Puerto Rico.

STATEMENT FROM MAKE THE ROAD ACTION IN RESPONSE TO FALSE, MISLEADING CLAIMS BY ANDREW CUOMO ABOUT HIS LIFE STORY

In recent days, the Governor has falsely claimed he is the son of "poor immigrants," an "undocumented" person, and a member of "the middle class"

  In recent days, Governor Andrew Cuomo has repeatedly misrepresented his life story. The fabrications and misleading comments entail changing the circumstances of his birth, upbringing and current financial status, as follows:

1) According to a transcript from a public event on Tuesday, Cuomo said he was "raised by poor immigrants." 

FACT: Cuomo was born to and raised by Mario Cuomo, a well known lawyer who became governor and was born in New York City, and mother Matilda, who was born in Brooklyn. He was raised by these parents. As to their family being poor, Mrs. Cuomo once said of her children, "They never ate out of cans. I had a written menu for every night." He was not raised by poor immigrants. 

2) According to published reports, Cuomo made the following claim about his financial status on Tuesday:  “I’m a middle class guy. That’s who I am."

FACT: According to Cuomo's Department of Health, the median household income in New York is between $60,000-70,000 a year. Cuomo was the son of a governor, who then worked as a partner at a corporate law firm representing real estate interests, sold a book for over $700,000, currently earns nearly triple the median salary, and lives in a more-than million dollar home. He is not a middle class guy. 

 

3) According to reports, Cuomo said last week that he is "an undocumented person." 

FACT: Andrew Cuomo is not undocumented. He is an American citizen who does not have to live in the shadows or face any of the challenges associated with undocumented persons. 

"Governor Cuomo's recent pattern of falsehoods and exaggerations about his life story is a sad and disturbing turn of events for New York," said Antonio Alarcon, a Dreamer from Queens and member of Make the Road Action, the state's largest immigrant organization, devoted to fighting for working class New Yorkers. "It's sad because the governor of a state has lost credibility with his voters. It's disturbing because it serves to diminish and undermine the very real struggles of millions of New Yorkers."

"To Dreamers and immigrants like me, these fabrications are offensive. I’d like to refresh the Governor’s memory: contrary to the lies he’s telling the public, his parents were not immigrants, his family was not poor, and he has no idea what it’s like to live as an undocumented person," Alarcon added. "For those of us who came to this country with our parents to find a better life, and have struggled daily to get by and faced the threat of being torn from our family, it’s unbelievable that the Governor would try to claim to have shared our experience. It’s even worse coming from someone who has failed repeatedly to use his political capital for our community’s top priorities in Albany—including the New York Dream Act and passing driver’s licenses for all.”

"The governor owes us an apology," he concluded. 

MAYOR DE BLASIO LAUNCHES $5 MILLION FUND FOR FILM AND THEATER PROJECTS BY, FOR, OR ABOUT WOMEN

Women’s Fund: First-of-its-kind effort by a municipal agency to support women creators in the media and entertainment industry

  Mayor Bill de Blasio, Deputy Mayor for Housing and Economic Development Alicia Glen and Mayor’s Office of Media and Entertainment Commissioner Julie Menin today announced the Women’s Fund, a $5 million grant program to support film and theater projects by, for, or about women.

The City is contributing the funding to encourage and support the creation of film, television, digital, theatrical, and other forms of media and entertainment in New York City that reflect the voices and perspectives of women. The New York Foundation for the Arts has been identified as an eligible awardee from the City’s Request for Proposals. NYFA was founded in 1971 with a mission to empower artists and arts across all disciplines at critical stages in their development.

“New York City is the capital of film, media, and culture, and we are determined to ensure that women are able to tell and shape their own stories. This program, and the many others launched by my administration to give women a level playing field, will make a difference one movie and one theater production at a time,” said Mayor Bill de Blasio.

“We see discrimination women face in the media and entertainment industries every day, and we say enough is enough. As we fight discrimination, we must ensure women are in front of and behind the camera. More than that, we intend to harness the power and talent of New York women to start businesses, grow jobs and industries – including the media industry,” said Alicia Glen, New York City’s Deputy Mayor for Housing and Economic Development.

The Women’s Fund is part of a groundbreaking series of initiatives aimed at combating gender bias in the film and television industries. Grants from the Women’s Fund will provide funding in the late stages of film and theater projects to help applicants shepherd their projects to successful completion. Applicants will compete in several categories for awards, including short- and long-form fiction and nonfiction film and theatrical productions. Winning projects may also air on NYC Media, the official broadcast network and media production group of the City of New York.

Other elements of MOME’s programs to elevate the role of women in the entertainment industry include theMOME Finance Lab, a conference connecting women filmmakers with potential funders for their projects; an inspiring new block of programming on Channel 25 focused entirely on women and their perspectives; and an upcoming report analyzing the gender imbalance of directors in the film industry.

“We are thrilled to be launching this $5 million Women’s Fund at this seminal time for women in the entertainment and media industries,” said Media and Entertainment Commissioner Julie Menin. “As the Me Too and Times Up movements have made clear, we need to do more to empower women to take leadership roles in film, television and theater and all media. This fund is a huge step in the right direction and reflects this administration’s commitment to fairness and inclusion. It’s time for women to get equal representation on screen and behind the scenes, and I am proud to do our part to make that goal attainable for New York-based creators.”  

The MOME Women’s Fund will award cash grants of up to $50,000, which will vary based on project category. To be eligible for a grant, media content must be “Made in NY” with at least 75% of production activity taking place in the five boroughs. The content must be suitable and appropriate to air on a NYC Media outlet. The project must be produced by, for, or about women, include a meaningful female production or writing credit, or include a female protagonist. Content should inform, educate, and entertain New Yorkers about the City’s diverse people and neighborhoods, government, services, attractions, and activities. Finally, the project must be a work in progress; finished or previously-produced projects will not be eligible. The Fund will support upwards of 100 total projects.

Women face stark disparities in the realm of media and entertainment, as in other sectors. While women make up 52% of New York City’s population, their voices are too often missing in the stories that we hear and watch.

Study after study has confirmed that women are consistently underrepresented both on camera and behind the scenes. According to a recent report from the Center for the Study of Women in Television and Film, in 2017 women comprised only 11% of directors, 11% of writers, and 19% of executive producers in the 250 top-grossing films of the year. Despite a great deal of discussion of the lack of representation of women and female perspectives, the media industry has made little progress in addressing this systemic inequality.

In a first-of-its-kind effort by a municipal agency, MOME has launched this series of media and entertainment content grants to encourage and support the creation of film, digital, theatrical, and other forms of media and entertainment content in New York City that reflect the voices and perspectives of women. The grant fund is intended to support production and content by, for, or about women, and to stimulate innovation in the city’s economic sectors. The filmed entertainment industry contributes over $9 billion to the city’s economy on an annual basis, and creates over 130,000 good-paying, full-time jobs.

To sign up for updates on the Fund visit MOME’s website.

MAYOR DE BLASIO ANNOUNCES THE 2018 “MTV VMAS” WILL RETURN TO NYC AND AIR LIVE FROM RADIO CITY MUSIC HALL ON MONDAY, AUGUST 20

  Mayor de Blasio announced the 2018 “MTV VMAs” will return to NYC and air live on Monday, August 20 from Radio City Music Hall. Mayor’s Office of Media and Entertainment Commissioner Julie Menin joined the iconic VMA Moon Person, Bruce Gillmer, Global Head of Music/Talent, Co-Brand Lead, MTV International and Darren Pfeffer, Executive Vice President of MSG live to announce the news with a street renaming and symbolic “moon landing” on Manhattan’s Avenue of the Americas, under the marquee of the famed venue. Radio City Music Hall was the home of the inaugural VMAs in 1984 and this will mark the 12^th time the show has been held there – the most for any VMA location. 2018 will be the 17^th time the “MTV VMAs” have been held in New York City.

“New York City’s creative energy has always fueled those who live and work here,” said Mayor de Blasio. “This is where music, film, and art collide and where the Video Music Awards were born. There is no better place to host the MTV VMAs than in New York City at one of the most iconic venues in the world.”

“We are so pleased that the MTV VMAs will be returning to their roots in New York City for this year’s celebration of music, and entertainment,” said Media and Entertainment Commissioner Julie Menin. “Prestigious awards shows like the VMAs and the Grammys not only reconfirm New York City’s status as the music capital of the country, but they bring tremendous economic benefits to their host city, an estimated $50 million in the case of the VMAs. I thank MTV, which is being revitalized through the return of shows like TRL, and Viacom for their partnership, and we look forward to rolling out the red carpet for one of the music industry’s most entertaining nights.”

New York City is a fitting choice to host the VMAs.  It is the birthplace and incubator of so many of music's most popular genres – from salsa music in East Harlem to disco in midtown, from punk rock in the East Village to hip hop in the Bronx.  The city continues to be at the forefront of music innovation with 72 digital music companies – more than San Francisco and Los Angeles combined.

"I am thrilled that the MTV VMAs will once again be held in its hometown of New York City. New York has nurtured so many iconic artists - from Madonna to Lady Gaga, Alicia Keys to Cardi B - that it's safe to say the show belongs here. My dancing shoes are ready and waiting," said City Council Speaker Corey Johnson.