NY State Dept. of Financial Services Holding Hearings on Regulation of Virtual Currencies This Month
It seems like governments everywhere are interested in talking about bitcoin. New York state is no exception, with an announcement today indicating that hearings will be held on virtual currencies later this month. Benjamin M. Lawsky - Superintendent of Financial Services at the New York State Department of Financial Services (NYDFS) - has pegged the dates of the public hearings on both January 28th and 29th (Tuesday and Wednesday). The hearings are reportedly centered around the regulation of virtual currencies, the most popular of which being bitcoin, of course. This "fact-finding....
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The dust has settled from the virtual currency hearings in New York City this week. We saw a mixture of speakers, including law enforcement agents warning of digital currencies' many potential dangers, VCs getting hot under the collar over the regulation debate, regulators musing about whether they should license miners or not, and one vehemently anti-bitcoin academic. New York state has almost 20 million people - around 6% of the US population - and houses the heart of its financial services industry. It was a good place for the first state-level inquiry into the regulation of....
The New York State Department of Financial Services has today named the witnesses for their planned hearing on virtual currency scheduled on Tuesday, January 28th and Wednesday, January 29th. The five-panel hearings will include participants like Cameron and Tyler Winklevoss, Circle's Jeremy Allaire, Fred Ersham of Coinbase, Charles Lee, the man who founded litecoin, SecondMarket CEO Barry Silbert, Fred Wilson of Union Square Ventures, and more. Here is the full schedule: Tuesday, 28 January 2014. Panel 1 (11:30am - 1:30pm) - The Investor Perspective: The Future of Virtual Currencies.....
The New York State Department of Financial Services (NYDFS) will hold public hearings on the regulation of digital currencies on 28th and 29th January in New York City. It will also discuss potentially issuing something it calls "BitLicenses" as a regulatory requirement specific to businesses in the "virtual" currency field. Financial Services Superintendent Benjamin M. Lawsky issued a notice yesterday inviting members of the press and public to attend the hearings, which will include witnesses presenting before an inquiry as well as panel discussions. The notice warned that space would be....
This week, the state of Illinois General Assembly is holding a hearing regarding virtual currencies and the state's Transmitters of Money Act. Introduced by Republican Elizabeth Hernandez, the proposed amendment to the act will attempt to further clarify the role of virtual currencies throughout the state. For Bitcoin, the hearing marks a time where legislators and lawmakers throughout the nation are asking the same questions. Do Bitcoin and virtual currencies have a future in terms of becoming a viable currency? If so, how will an individual state's legislation play a role in the adoption....
At the New York State Department of Financial Services hearing today, Superintendent of Financial Services Benjamin Lawsky reaffirmed that the State is indeed mulling implementing a 'BitLicense' of sorts to businesses that accept bitcoin and other digital currencies. "Ultimately, it's our expectation that the information we've gathered in this fact-finding effort will allow us to put forward, during the course of 2014, a proposed regulatory framework for virtual currency firms operating in New York," he said in his statement. "That is, in part, why we're evaluating whether our agency....