The Proposed Bitcoin Regulation "BitLicense" Could Shut Down Mining And Bitcoin Businesses In The US
NYS Bitcoin Regulation Proposal Could Shut Down Mining And Bitcoin Businesses In The US. The proposal for regulating Bitcoin and other cryptocurrencies called BitLicense could have far-reaching and chilling effects. Not only does the licensing issues affect businesses and invade citizens privacy with overly big brother type burdensome identifications of users, it will also likely shut down Bitcoin and cryptocurrency mining in the US. One of the most respected and best Bitcoin Mining Pools is BTC Guild. It is run by Eleutrhria who hosts the pool in Nevada. They have a shutdown plan in place....
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The New York State Department of Financial Services (NYDFS) has today made public over 3,700 comments it received regarding its BitLicense proposal. The move provides new insight into the organisations and individuals that have taken an interest in the proposed regulation. Perhaps most notably, the full release included submissions from some of the largest businesses in the US, including e-commerce giant Amazon, retail juggernaut Walmart and global remittance specialist Western Union. The filings suggest that the BitLicense is being interpreted broadly by the legal representatives of these....
Earlier today, the Electronic Frontier Foundation (EFF), the Internet Archive, and Reddit, all filed public comments to the NYDFS regarding their proposed BitLicense Bitcoin regulation. The EFF first posted about the BitLicense, simultaneously revealing their stance and prompting the populace to send their own comments to the NYDFS, last week. The San Francisco companies have given voice to an opinion about the BitLicense that doesn't require any prerequisite knowledge about Bitcoin. The public comment submitted today represents the opinions of three defining organizations from the....
MonetaGo, one of the US-based Bitcoin exchanges, has announced they will be shutting down for good. The company tweeted that regulation was a key hurdle it could not overcome. UPDATE: MonetaGo confirmed they will only shut down the exchange part of the business. As most Bitcoin enthusiasts are well aware of, running a financial company in the US requires....
BTC Guild won't be shutting down. Not too long after the NYDFS had published it Bitlicense proposal guidelines, Michael, the owner of BTC Guild, had stated that he would shut the pool down if the regulations went into effect as proposed. On 10/31/14, he announced that he would be shutting down BTC Guild. While at first the shutdown came as no surprise, the community response to it was. Within a few hours of the announcement, Michael changed the statement to reflect that BTC Guild was being sold instead of just being . One of the main drivers of this proposed closure was the myriad of....
At the New York State Department of Financial Services hearing today, Superintendent of Financial Services Benjamin Lawsky reaffirmed that the State is indeed mulling implementing a 'BitLicense' of sorts to businesses that accept bitcoin and other digital currencies. "Ultimately, it's our expectation that the information we've gathered in this fact-finding effort will allow us to put forward, during the course of 2014, a proposed regulatory framework for virtual currency firms operating in New York," he said in his statement. "That is, in part, why we're evaluating whether our agency....