Ben Lawsky: NYDFS "Making Good Progress" on Virtual Currency Regulation
Regulations outlining so-called Bit-Licenses and regulations related to virtual currencies in the State of New York were set to be released "no later than the end of the second quarter of 2014," but we haven't yet heard a thing. Until this afternoon. New York State Department of Financial Services Superintendent Benjamin Lawsky took to social media (Twitter, specifically) to deliver a progress report of sorts on the work his Department is doing, adding that "good progress" is being made on the front. Lawsky added in his tweet that he expects to have a proposal out in the next week, perhaps....
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Two weeks after his agency held extensive hearings on the subject of regulating virtual currencies, New York Department of Financial Services (NYDFS) superintendent of financial services Benjamin Lawsky has issued statements that provide greater insight into the actions the state may take when it seeks to enact bitcoin legislation this year. Most notably, Lawsky indicated that the NYDFS now feels as though existing money transmission regulation will not be sufficient for virtual currency firms. Further, he suggested the NYDFS could move to mandate that all virtual currencies maintain a....
Today, Ben Lawsky, Superintendent of the New York Department of Financial Services (NYDFS), revealed the first state level attempt to regulate digital currencies such as Bitcoin: a BitLicense. One particularly thorny point in the sides of many Bitcoiners is the fact that the NYDFS chooses to refer to Bitcoin as a "virtual currency" as opposed to "digital money" or "digital currency." The NYDFS's language is consistent with the IRS, the Texas Department of Banking, and even across the pond with the European Central Bank. The full draft of the proposed regulations can be found here. The....
Ben Lawsky: Friend or Foe? It's a question CoinDesk recently posed regarding the New York Department of Financial Services (NYDFS) superintendent, and one that is understandably concerning to the wider virtual currency community as New York state seeks to enact regulation in 2014. Speculation aside, on 20th February, the bitcoin community got its chance to seek an answer when Lawsky participated in a much-anticipated Ask Me Anything session on reddit. Here's my "Proof" picture for @reddit_AMA on #Bitcoin at 1230pm EST today. P. S. The SNES refs cracked us up. pic.twitter.com/6svPO3akNF. -....
The Wall Street Journal reports that Benjamin Lawsky, the superintendent of the New York Department of Financial Services (NYDFS) who is expected to issue this month a new regulation for digital currency businesses called BitLicense, which has been widely criticized for being unnecessarily strict, will leave the NYDFS in June. Lawsky said that he will form a consulting business that will include virtual currency advisory services. "[Lawsky] plans to advise companies on financial matters such as cybersecurity and digital currencies like bitcoin, a new sphere of regulation he helped....
The Department of Financial Services superintendent, Benjamin Lawsky, who has been leading the charge in an effort to regulate bitcoin, is reportedly considering resigning from his position in early 2015. Benjamin Lawsky is perhaps the most powerful person in New York State to be pushing regulation on the bitcoin community. Many are curious as to where Lawsky will go: a bank? a finance company? a Bitcoin company? an elected position? After the election of last week, it's not uncommon to see several resignations follow. Perhaps the most interesting resignation is that of Benjamin Lawsky.....