Bitcoin Companies React to NYDFS Regulation Proposal
Hot on the heels of the release of the proposed bitcoin regulation announced by the New York State Department of Financial Services (which was done so on Reddit.com by DFS Superintendent Benjamin Lawsky), comes the public statements of several bitcoin companies. BitPay Chief Compliance Officer Tim Byun said that " It is commendable that NY DFS and Ben Lawsky are supporting innovation while ensuring balanced regulations," adding that the framework released offers a "Strong understanding of the bitcoin ecosystem, including valuable services to consumers that would benefit from an emerging,....
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The New York State Department of Financial Services (NYDFS) has released a revised version of its BitLicense proposal. First revealed in July, the new framework comes after a lengthy, 90-day comment period for the proposed regulation, which saw notable names from both within and outside of the bitcoin industry weigh in on the proposal. The finalized bill includes previously announced changes, like exclusions for software providers, gift card companies and those who seek to use blockchain tokens for non-financial purposes. A spokesperson for the NYDFS indicated that an official version of....
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....
Just in time for the closing of the comment period for New York State's 'BitLicense' proposal today, bitcoin companies Circle and BitPay managed to have the final say on the matter - for now. In their comments, both companies expressed a number of similar concerns over the BitLicense, specifically provisions they perceive as burdensome regulation that could stifle competition and innovation. The BitLicense initiative was launched by the New York Department of Financial Services (NYDFS) earlier this year and has been championed by NYDFS superintendent Ben Lawsky since then. The initial....
The Chamber of Digital Commerce (CDC) has submitted its official comments to the New York Department of Financial Services (NYDFS) regarding the BitLicense proposal. Launched in July, the Washington-based lobbying group led by president and former Forbes contributor Perianne Boring is seeking to influence broader bitcoin policy in the US, while advocating for smart regulation that will support the digital currency industry. The CDC offered a broad critique of the proposal, suggesting that the NYDFS needs to revise its definition of 'virtual currency' and 'virtual currency business....
The BitLicense is continually evolving; today, the NYDFS has clarified that Bitcoin software developers do not need to apply for a BitLicense. Additionally, the official comment period on the proposed BitLicense regulations by the NYDFS has again been extended to accommodate the anticipated revised proposal. The NYDFS has promised to have a revised proposal for the public by the end of October. Lawsky spoke today at the Benjamin N. Cardoza School of Law in New York City with a panel of digital currency experts. By admitting the areas that the NYDFS does not wish to over-extend into,....