New BitLicense and Public Comment Period Coming
The new BitLicense will open for a 30-day public comment period in just a few days. In a speech to the Bipartisan Policy Council, a Washington D. C. think tank, New York Department of Financial Services (NYDFS) Superintendent Ben Lawsky told the world about the new BitLicense's impending release date as well as several planned changes. Also read: NYDFS's Ben Lawsky Reveals Plan for Transitional BitLicense at #Money2020. Changes in the new BitLicense. Notably, a new BitLicense is not required for consumers or merchants seeking to transact in Bitcoin; furthermore, Bitcoin-related software....
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The 30-day period during which the public can submit comment on the latest draft of New York's BitLicense proposal has begun. The formal comment period was initiated by the publication of the notice in the New York Register, a weekly periodical designed to keep state citizens up-to-date on rulemaking. Following roughly three weeks since the introduction of the framework, the publication seems likely to spur a new round of debate over the regulation and its more controversial measures. Speaking to CoinDesk, a number of the more prominent voices in the bitcoin community voiced concerns that....
The BitLicense saga continues: Today, Ben Lawsky took to Twitter to announce that the New York Department of Financial Services (NYDFS) will be extending the official comment period for the proposed BitLicense regulatory framework. The original plan was to allow a 45-day comment period; around the world, this timeframe was criticized as being too short given the magnitude of the proposed regulations. Presumably, as a result of the community's interest, the NYDFS has chosen to extend the official comment period from 45-day period to a 90-day period. The news has been well-received by the....
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....
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....
It seems as if it's been a long road to get here, but today marks the conclusion of the first public commenting period when it comes to the New York Department of Financial Service's (NYDFS) BitLicense proposal, which has been seemingly met with no shortage of resistance from the community. The proposal, which was distributed for public comment in mid-July, outlines a number of regulations the NYDFS hopes to put in place to keep tabs on companies operating in the virtual currency space in the State of New York. Those regulations include collecting customer names, addresses, and other....