New York Promises BTC Foundation More Information on BitLicenses Proposal
The time constraints still apply, but at least the Bitcoin community has been promised a fuller description of what New York thinks the benefits of its proposed BitLicenses program would be. On Wednesday, the Foundation announced that the New York Department of Financial Services had promised to deliver more information on its BitLicenses proposal, though a 45-day limit remains in effect. The Bitcoin Foundation’s request — filed on Tuesday — included “a clear statement of the ‘needs and benefits’ for proposed regulations.” The Foundation’s letter also suggested the NYDFS develop “an....
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Citing “a significant amount of public interest” in the Department of Financial Services’ proposed regulatory framework for cryptocurrency businesses, the State of New York has extended the window for which it will hear comments by 45 days. Comments will now be due by Oct. 21 instead of early September. “It’s obvious that this is a novel regulation. […] It’s really the collision of banking regulations with new technology, and we want to make sure we get it right.” The move comes less than two weeks after the NYDFS promised the Bitcoin Foundation more information regarding the projected....
The New York Department of Financial Services promised to provide the Bitcoin Foundation with more information on draft 'DFS-29-14-00015-P,' "Regulation of the conduct of Virtual Currency Businesses," or otherwise known as the BitLicense, after the Foundation had filed with the NYDFS yesterday with concerns and comments, in accordance to the New York Freedom of Information Law for "any risk management and cost-benefit analysis (or any other systematic assessment) that is a part of the 'extensive research and analysis'." Jim Harper leads the Bitcoin Foundation's Global Policy Counsel. He is....
No doubt, there's been a ton of chatter lately regarding the recently-released BitLicense and Bitcoin regulation proposals from the New York State Department of Financial Services (NYDFS). Many have seen promise, and others have nothing but questions. One such entity in the Bitcoin Foundation. Using New York law that would require a statement of "needs and benefits" for proposed regulation, the Bitcoin Foundation wrote a letter to the NYDFS which includes a request under the New York Freedom of Information Law (FOIL) for "any risk management and cost-benefit analysis (or any other....
The Bitcoin Foundation has thrown its weight behind efforts to extend the 45 day-long comment period for the BitLicense proposal drafted and recently released by the New York Department of Financial Services (NYDFS). In an open letter to the NYDFS, Global Policy Counsel for the Bitcoin Foundation Jim Harper said that there needs to be greater cooperation with the bitcoin community and more transparency for the process as a whole. The organization's efforts to advocate for a more growth-oriented BitLicense proposal builds on a previous grassroots-level initiative in which roughly 400....
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....