Lawsky’s ‘Temporary BitLicense’ proposal for NY start-ups
The creator of the controversial BitLicense legislation has sought to make its effect more palatable for New York start-ups by offering them a form of temporary coverage. Speaking at Money20/20 Las Vegas, superintendent of financial services Benjamin Lawsky announced the issuing of temporary licences to “smaller start-ups” in order to “let them grow” prior to being subject to the full extent of the law, Bloomberg notes. “There has to be a way for startups to start up and play by the rules without getting crushed by huge compliance costs,” Lawsky conceded. “Transitional Bitlicense is a....
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The fight over New York State’s “Bitlicense” proposal continues unabated as the Bitcoin Foundation pressures the state’s Department of Financial Services to follow its own rules. When the proposal was first released last July, the New York Department of Financial Services (NYDFS) ordered a waiting period to allow for public comments. This window was to run from July 17,2014 and recently extended to October 20, 2014 and allow the public to examine the “extensive research and analysis” that was supposedly used when drafting the proposal. The Bitcoin Foundation, in an attempt to understand....
The New York “BitLicense” proposal is most certainly controversial at the very least. There are of course many people who feel that Bitcoin should not be regulated at all and others who feel that current financial regulations can just as easily be applied to virtual currencies. But while this proposal covers merchant reporting requirements, one question still remains to be answered: Will Bitcoin software developers be required to obtain a “BitLicense”? This question appears to have been answered based on a report released by Reuters yesterday. According to this report Benjamin Lawsky,....
The governance vote to approve the pause will commence on Aug. 30, 2022, and end on Sept. 2, 2022. With the Ethereum Merge on the way, the risk research and analysis team Block Analitica proposed a temporary pause in Ether (ETH) borrowing to mitigate the risks which may lead to a decentralized finance (DeFi) implosion in the Aave lending protocol during the Merge. The team pointed out the potential issue of high ETH utilization which may result in liquidations being hard or impossible and annual percentage yields (APYs) reaching negative figures. Furthermore, the uncertainties surrounding....
The New York Department of Financial Services license allows PayPal to offer cryptocurrency buying and selling through a partnership with Paxos.
The block size debate, long one of the defining challenges hanging over bitcoin's tech community, took an interesting twist late last month. A years-long discussion about how best to scale the functioning $15bn economic network mid-flight, the debate has largely been characterized by a face-off between those who would increase the 1MB block size via an efficiency improvement called SegWit, and those who want to change the hard-coded block size limit to 2MB or more. You'll notice that, so far, neither side has called for a block size decrease. But that was exactly the view represented in a....