The Final BitLicense: Revisions and Reactions From The Industry
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....
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The New York State Department of Financial Services (NYDFS) yesterday released the third and final revisions to its BitLicense legislation. The updates are aimed at improving functionality within the industry and making sure businesses are compliant without stifling innovation. Two previous versions of the regulations received much criticism and the third is no different. Here are someBitcoin community reactions to the updated NY BitLicense: “The heavy compliance costs on digital currency exchanges will make it much more difficult to operate a profitable exchange in the state. Many fear it....
Benjamin M. Lawsky announced the latest revisions to the draft BitLicense today in Washington, DC, presenting a host of changes in response to reactions from its public comment period. The New York State Department of Financial Services (NYDFS) superintendent delivered the news this morning during a keynote speech hosted by think tank Bipartisan Policy Center, where he touched on the regulatory landscape surrounding digital currencies and other payment technologies. Lawsky first clarified which players in the digital currency community and industry would be required to obtain the....
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....
The 45-day window for public comments on the New York Department of Financial Services' (NYDFS) recent BitLicense framework continues to shrink, but the barrage of reactions from those with an interest in the industry has yet to lose its momentum. Most recently, two research fellows from George Mason University's Mercatus Center co-authored a 14-page response to the BitLicense proposal, highlighting some of its most critical shortcomings. Jerry Brito and Eli Dourado made a point to laud NYDFS Superintendent Ben Lawsky for his department's "forward thinking" in outlining rules and....
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....