Bitcoin community is rising against BitLicense
Last 17th July 2014, the New York State Department of Financial Services (NYDFS) has officially released its proposed BitLicense regulations, governing virtual currency firms doing business with New York residents or operating in New York. This was the first proposed regulatory framework designed specifically towards virtual currencies. The bitcoin community and businesses dealing with crypto currencies should be aware that during the 45-day comment period, they have the opportunity to provide feedback and request clarification or amendments to the proposed regulations. The comment period....
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On July 17, New York became the first state to attempt to regulate Bitcoin and other forms of cryptocurrency (referred to as virtual currency in the proposal). New York Department of Financial Services (NYDFS) Superintendent Ben Lawsky announced the so-called BitLicense proposal on Reddit. While some in the Bitcoin community welcome regulation as a validation of Bitcoin's right to exist, the majority oppose it as the first roots of centralization. Beginning July 24, the public will have 45 days to give feedback to New York state regulators before the BitLicense draft is finalized. In true....
BitLicense is extremely controversial in the Bitcoin community. Not only is it the first comprehensive body of Bitcoin regulation in the United States, but it is also the most restrictive. BitLicense was created by the New York Department of Financial Services (NYDFS), with Benjamin Lawsky — the Department’s superintendent — leading the charge. The....
The Chamber of Digital Commerce, located in Washington D. C., has been one of the major organizations spear-heading the BitLicense opposition. Chamber of Digital Commerce Founding President Perianne Boring has been vocally active against Ben Lawsky's proposed BitLicense regulation recently at the North American Bitcoin Conference in Chicago. The Chamber of Digital Commerce then held a press conference at the Coin Congress Sessions in San Francisco asking for an extension to the 45-day comment period Lawsky is allowing the community. CCN. Lawsky told the community that he would allow 45....
Right now, the New York Department of Financial Services (NYDFS) is holding a 30-day public commenting period for the revised draft of its BitLicense regulation. By now, everyone in the Bitcoin community probably knows what BitLicense is; all cryptocurrency businesses in the state of New York that fall under the regulation’s jurisdiction must apply for a special license in order to operate in the state. Once your application is approved, and you get a license, you must continuously comply with a slew of restrictive regulations. During the commenting period for the first BitLicense draft, a....
The Electronic Frontier Foundation explained their position in regards to New York's proposed BitLicense on Wednesday, and the organization that is known for defending individual rights on the Internet did not have many kind words to say about the possible regulations. Also read: Bitcoin Foundation Condemns Lack of Transparency in New York BitLicense. The point of the post by the EFF was to reach out to their community and find people who would be willing to sends comments to the New York Department of Financial Services. Rainey Reitman, the author of the post on the EFF's website, made it....