EFF, Internet Archive, and Reddit All Oppose the Proposed New York BitLicense Bitcoin Regulation
Earlier today, the Electronic Frontier Foundation (EFF), the Internet Archive, and Reddit, all filed public comments to the NYDFS regarding their proposed BitLicense Bitcoin regulation. The EFF first posted about the BitLicense, simultaneously revealing their stance and prompting the populace to send their own comments to the NYDFS, last week. The San Francisco companies have given voice to an opinion about the BitLicense that doesn't require any prerequisite knowledge about Bitcoin. The public comment submitted today represents the opinions of three defining organizations from the....
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On July 17, New York became the first state to attempt to regulate Bitcoin and other forms of cryptocurrency (referred to as virtual currency in the proposal). New York Department of Financial Services (NYDFS) Superintendent Ben Lawsky announced the so-called BitLicense proposal on Reddit. While some in the Bitcoin community welcome regulation as a validation of Bitcoin's right to exist, the majority oppose it as the first roots of centralization. Beginning July 24, the public will have 45 days to give feedback to New York state regulators before the BitLicense draft is finalized. In true....
Circle Internet Financial Ltd., a Boston-based bitcoin startup backed by Goldman Sachs Group Inc., has become the first firm to receive a New York State BitLicense, allowing it to offer digital-currency services in New York. The issuance of the first BitLicense marks a victory for both Circle and the State of New York. The BitLicense is considered the most restrictive state regulation for bitcoin and has caused some bitcoin companies to discontinue serving New York State. The goal of the license is to provide a framework that allows digital-currency firms to build their services, but at....
The Electronic Frontier Foundation explained their position in regards to New York's proposed BitLicense on Wednesday, and the organization that is known for defending individual rights on the Internet did not have many kind words to say about the possible regulations. Also read: Bitcoin Foundation Condemns Lack of Transparency in New York BitLicense. The point of the post by the EFF was to reach out to their community and find people who would be willing to sends comments to the New York Department of Financial Services. Rainey Reitman, the author of the post on the EFF's website, made it....
As the official comment period for the proposed BitLicense regulation comes to a close this month, two of the largest Bitcoin companies in America have revealed their public comment to the New York Department of Financial Services. Circle, a new competitor to Coinbase that provides on and off ramp services for Bitcoin to Fiat and vice versa, as well as BitPay, a leading Bitcoin merchant services and invoicing company, both revealed their official positions on the current BitLicense today. Also read: Bitcoin Foundation Condemns Lack of Transparency in New York BitLicense. Circle's Public....
The Bitcoin regulation in New York will be affecting many digital currency companies for quite some time to come. And by the looks of it, one company is already halting all of their services in the state of New York, as a protest against the BitLicense regulation. ShapeShift feels the time has come to take a stand against this “immoral and unethical” regulation of Bitcoin. When the final version of New York’s BitLicense was revealed, many Bitcoin enthusiasts were rather unhappy with the outcome. It goes without saying this regulation could be very harmful to Bitcoin-related companies....