Industry Reactions to New York's BitLicense Proposal
The recent publication of 'BitLicenses' proposals by the New York State Department of Financial Services (NYDFS) and its superintendent Benjamin Lawsky may be the most controversial talking point to hit bitcoin in its history. Only a few weeks have passed since the proposals were released, but the response has been strong from New York businesses to those far away. The NYDFS initially opened a 45-day window for those in the digital currency industry to respond and provide recommendations based on the proposal. The time was noticeably short, given the diversity of affected participants in....
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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 release of the New York Department of Financial Services' (NYDFS) proposed regulatory framework for bitcoin companies operating in New York has brought mixed reaction within the digital currency industry. With varying viewpoints dominating Twitter and reddit throughout the day, CoinDesk reached out to a number of bitcoin and digital currency leaders to get their perspective on the proposed regulations. Throughout the discussions, pillar topics regarding the proposal emerged, largely centering around the document's clarity, its potential effect on other US states and the question of....
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....
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....
Bitcoin company Xapo recently released its second comment letter on New York’s revised BitLicense. Additionally, the company has teamed up with other bitcoin industry leaders in submitting a combined comment letter to provide further feedback on the BitLicense proposal. After BitLicense was introduced by the New York Department of Financial Services (NYDFS) last year, Xapo released its first letter providing its comments. The NYDFS released its revised BitLicense proposal in February 25, 2015. Shortly afterward, on March 27, 2015 Xapo released its second BitLicense comments.