Theo Chino: NY Authorities Are Using Bitcoiners in New York as Guinea Pigs
Bitcoin entrepreneur and software developer Theo Chino, has accused the New York Department of Financial Services of using Bitcoiners in New York as guinea pigs. The New York businessman has filed a petition at the Supreme Court of New York, challenging the mandate of the New York Department of Financial Services. Process burdensome and expensive. In his claim, filed by the Ciric Law Firm PLLC, Theo alleged that the New York Department of Financial Services acted illegally and arbitrarily, and exceeded its regulatory power when it promulgated its controversial “Virtual Currency” regulation....
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This past March Bitcoin.com reported on a single Bitcoin entrepreneur taking the New York Bitlicense to court due to the law stifling digital currency businesses and constraining regulations set forth by the New York Division of Financial Services (NYDFS). Now the French national, Theo Chino is taking the case to the Supreme Court with the first hearing....
Theo Chino, a bitcoin advocate who has been fighting regulations in the U.S. for over two years, requested the withdrawal of the proposed “Uniform Regulation of Virtual Currency Businesses Act.” Only July 7, 2017, Chino asked the Uniform Law Commission (ULC) to withdraw the proposed regulation on cryptocurrencies in the United States. The bitcoin advocate submitted a letter to the ULC asking to abandon the proposed statute. Chino argued that many of the states have “significant disagreements and approaches as to how to classify or regulate bitcoin.” In addition, there is a high level of....
Theo Chino, a Bitcoin entrepreneur has filed a lawsuit against NYDFS and its handling of BitLicense in the Supreme Court of the State of New York. For those who have been following the developments in cryptocurrency sector from past couple of years, the BitLicense fiasco is quite familiar. The cryptocurrency industry was in for a shock last year after the New York Department of Financial Services decided to implement regulations governing digital currencies, popularly referred to as BitLicense. With BitLicense coming into effect, companies in the sector either decided to comply with the....
New York's BitLicense was born into controversy. Created by the then-newly formed New York State Department of Financial Services (NYDFS) to protect consumers from fraud and loss, critics of the industry-specific licensing regime were never far away. Objections ranged from the potentially prohibitive cost of compliance for startups to the perception that bitcoin companies were being held to a higher standard than traditional financial institutions. Then, last June, the measure was finalized into law, rendering those concerns moot. But, one man would not give up that fight. Systems engineer....
The combination of digital currencies and blockchain technology has given rise to plenty of opportunities across industry verticals. Today, the cryptocurrency industry is growing at a tremendous rate, and the art and gaming industry has benefited deeply from it. NFTs give creators complete freedom to bring their vision to life and sell them as digital tokens to a global consumer base. One of the projects that is pushing the limits of NFTs further than others is Dirty Pigs. Their original designs and collections are transgressive and fun, with some named; “Son of a Pig”, “Hairy Vaginas” or....