New York Makes More Time for Comments on BitLicenses Proposal
Citing “a significant amount of public interest” in the Department of Financial Services’ proposed regulatory framework for cryptocurrency businesses, the State of New York has extended the window for which it will hear comments by 45 days. Comments will now be due by Oct. 21 instead of early September. “It’s obvious that this is a novel regulation. […] It’s really the collision of banking regulations with new technology, and we want to make sure we get it right.” The move comes less than two weeks after the NYDFS promised the Bitcoin Foundation more information regarding the projected....
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The time constraints still apply, but at least the Bitcoin community has been promised a fuller description of what New York thinks the benefits of its proposed BitLicenses program would be. On Wednesday, the Foundation announced that the New York Department of Financial Services had promised to deliver more information on its BitLicenses proposal, though a 45-day limit remains in effect. The Bitcoin Foundation’s request — filed on Tuesday — included “a clear statement of the ‘needs and benefits’ for proposed regulations.” The Foundation’s letter also suggested the NYDFS develop “an....
The recent publication of 'BitLicenses' proposals by the New York State Department of Financial Services (NYDFS) and its superintendent Benjamin Lawsky may be the most controversial talking point to hit bitcoin in its history. Only a few weeks have passed since the proposals were released, but the response has been strong from New York businesses to those far away. The NYDFS initially opened a 45-day window for those in the digital currency industry to respond and provide recommendations based on the proposal. The time was noticeably short, given the diversity of affected participants in....
This last Friday, the 27th March the period for public comments on the latest release of the New York's BitLicence proposal had ended. During this period, there were several developments to the proposal, however, many people within the bitcoin community feel that the proposal isn't still fully adequate to the digital currencies industry. Some people believe that new technologies should be seen as an opportunity to update laws and regulations and that this latest release of New York's BitLicence proposal fails to realize that. All the bureaucratic process around the state-by-state....
The newly-formed Chamber of Digital Commerce, established in mid-July by Perianne Boring, has submitted comments to the New York Department of Financial Services (NYDFS) relating to recently-released BitLicense regulations. The ten-page comments from Ms. Boring state the following: The proposed regulations shouldn't apply to business that only store or transmit digital currency. Businesses in the digital currency realm should have the freedom to make investments. Businesses in the digital currency realm should have the freedom to innovate. The proposal's "Existing Exchange Services"....
Bitcoin company Xapo recently released its second comment letter on New York’s revised BitLicense. Additionally, the company has teamed up with other bitcoin industry leaders in submitting a combined comment letter to provide further feedback on the BitLicense proposal. After BitLicense was introduced by the New York Department of Financial Services (NYDFS) last year, Xapo released its first letter providing its comments. The NYDFS released its revised BitLicense proposal in February 25, 2015. Shortly afterward, on March 27, 2015 Xapo released its second BitLicense comments.