NY BitLicense Released With Minor Revisions, Still ‘Vague and Discriminatory’
The long-awaited final revisions to the precedent-setting New York State BitLicense regulatory program were released today by their architect, Ben Lawsky. New updates look to improve functionality and clarify the state regulators’ focus on how businesses in the digital currency industry can be more compliant, without hurting innovation. Lawsky, the Superintendent of Financial Services for the New York State Department of Financial Services (NYDFS) has released two previous versions that have been much-maligned within the Bitcoin community. Today, he wanted to assure the Bitcoin community....
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Recently, Ben Lawsky, the Superintendent of the New York Department of Financial Services (NYDFS) released the final draft of the infamous BitLicense. This piece of regulation would place a set of restrictive requirements upon Bitcoin businesses operating in new york. The most controversial of the code’s stipulations include fingerprinting company employees, monitoring customer activity, and strict capital requirements. This final version of BitLicense is the third draft of the bill, the result of modifications made to two previous versions. Most of the revisions that happened in the first....
New York financial regulator Benjamin Lawsky today announced his revisions to the proposal for bitcoin regulations outlined in the BitLicense documents released earlier this year. Having initially drawn criticism from the digital currency community, Lawsky agreed to take another look at the details and announced the revisions today. The initial subject addressed was who would be required to obtain a BitLicense - namely only financial intermediaries. This means developers, miners and individuals who hold BTC for personal retail or investment use will not be required to get a BitLicense.....
The NYT critique of Coinbase’s internal diversity policies quotes former employees who complain of “racist or discriminatory” treatment.
The New York State Department of Financial Services announced revisions for its BitLicense framework, which was revealed to bitcoin companies last year. The regulation has a 30-day comment period before it is will be finalized then implemented. The latest revisions still prompted some concerns from bitcoin companies, particularly the startups. According to Boost VC CEO Adam Draper, the information gathered from such companies must be limited and he launched a petition to gain more support for this proposal. In addition, he proposed that BitLicense should require the government to avoid....
In the summer of 2014 Coinbase, a bitcoin wallet and exchange service, proposed changes to the BitLicense draft, which was proposed by the New York State Department of Financial Services (NYDFS). The bill was opened up to a 30-day comment period at which time Coinbase submitted a 15 page proposal for changes to the draft. In December, the NYDFS’s released its revised BitLicense, and while many agree it’s a step in the right direction, Coinbase believes it falls short. Overall the revised BitLicense is encouraging. It shows the NYDFS willingness to listen and respond to feedback from the....