NYDFS Pushes BitLicense Regulation Proposal For Public Comment
The Superintendent of Financial Services at the New York State Department of Financial Services, Mr. Ben Lawsky, has publicly released the highly-awaiting BitLicense regulation proposals that come as a result of hearings that took place earlier this year. The push came via the Bitcoin page on social sharing website Reddit.com as a means to connect with one of the largest online digital currency communities. According to Lawsky, the drafted proposal will make its was to the New York State Register on the 23rd of July, which will commence a public commenting period of forty-five days.....
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The New York State Department of Financial Services (NYDFS) has released a revised version of its BitLicense proposal. First revealed in July, the new framework comes after a lengthy, 90-day comment period for the proposed regulation, which saw notable names from both within and outside of the bitcoin industry weigh in on the proposal. The finalized bill includes previously announced changes, like exclusions for software providers, gift card companies and those who seek to use blockchain tokens for non-financial purposes. A spokesperson for the NYDFS indicated that an official version of....
Barry Silbert, CEO of SecondMarket, has posted an official letter requesting that the NYDFS extend the deadline for filing public comment by 45 days, on their "BitLicense" proposal. He urges affected companies and individuals to sign. Currently, the list of signatures includes many A-Listers such as Elizabeth Ploshay, a board member of the Bitcoin Foundation, Erik Voorhees, several prestigious universities such as Harvard and Stanford, and of course Barry Silbert himself. The more signatures the letter receives, the greater the chances we have to help shape or oppose the NYDFS BitLicense....
As described in a blog post released today, the Bitcoin Foundation has submitted a second public comment to the NYDFS's proposed BitLicense public comment period. The NYDFS has refused to reveal the "needs and benefits" justifications, which are legally required, for the BitLicense's severity. In this comment, Bitcoin Foundation General Policy Counsel Jim Harper emphasized that: The sacrifice of some decentralization in furtherance of other benefits to the Bitcoin ecosystem must meet a high burden of proof. Nobody should want a regulation that sacrifices Bitcoin's benefits if doing so....
The BitLicense is continually evolving; today, the NYDFS has clarified that Bitcoin software developers do not need to apply for a BitLicense. Additionally, the official comment period on the proposed BitLicense regulations by the NYDFS has again been extended to accommodate the anticipated revised proposal. The NYDFS has promised to have a revised proposal for the public by the end of October. Lawsky spoke today at the Benjamin N. Cardoza School of Law in New York City with a panel of digital currency experts. By admitting the areas that the NYDFS does not wish to over-extend into,....
Just in time for the closing of the comment period for New York State's 'BitLicense' proposal today, bitcoin companies Circle and BitPay managed to have the final say on the matter - for now. In their comments, both companies expressed a number of similar concerns over the BitLicense, specifically provisions they perceive as burdensome regulation that could stifle competition and innovation. The BitLicense initiative was launched by the New York Department of Financial Services (NYDFS) earlier this year and has been championed by NYDFS superintendent Ben Lawsky since then. The initial....