NYDFS Extends BitLicense Regulation Commenting Period an Additional 45 Days
Since the release of the BitLicense regulations from the New York Department of Financial Services (NYDFS), one of the most common complaints has been the lack of time the public has to comment on them (in order to propose revisions, and the like). Chamber of Digital Commerce President Perianne Boring even called the 45-day period "severely inadequate" - a sentiment echoed a good number of times now by others. Thankfully for the community, the NYDFS has heard the complaint loud and clear. As of Thursday, the Department's Superintendent Benjamin Lawsky announced that the commenting period....
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The BitLicense saga continues: Today, Ben Lawsky took to Twitter to announce that the New York Department of Financial Services (NYDFS) will be extending the official comment period for the proposed BitLicense regulatory framework. The original plan was to allow a 45-day comment period; around the world, this timeframe was criticized as being too short given the magnitude of the proposed regulations. Presumably, as a result of the community's interest, the NYDFS has chosen to extend the official comment period from 45-day period to a 90-day period. The news has been well-received by the....
In early February, the New York Department of Financial Services (NYDFS) released their revised BitLicense proposal to the public. This revision took place following a 90 day public commenting period for the first BitLicense draft held by the department during the latter part of 2014. Recently, the Department has opened up an additional 30-day commenting period for the revised draft, in which anyone can submit their thoughts towards BitLicense. I, Evan Faggart, Assistant Editor of Bitcoinist.net, have been a vocal opponent of BitLicense since the release of the initial proposal in 2014. I....
It seems as if it's been a long road to get here, but today marks the conclusion of the first public commenting period when it comes to the New York Department of Financial Service's (NYDFS) BitLicense proposal, which has been seemingly met with no shortage of resistance from the community. The proposal, which was distributed for public comment in mid-July, outlines a number of regulations the NYDFS hopes to put in place to keep tabs on companies operating in the virtual currency space in the State of New York. Those regulations include collecting customer names, addresses, and other....
As described in a blog post released today, the Bitcoin Foundation has submitted a second public comment to the NYDFS's proposed BitLicense public comment period. The NYDFS has refused to reveal the "needs and benefits" justifications, which are legally required, for the BitLicense's severity. In this comment, Bitcoin Foundation General Policy Counsel Jim Harper emphasized that: The sacrifice of some decentralization in furtherance of other benefits to the Bitcoin ecosystem must meet a high burden of proof. Nobody should want a regulation that sacrifices Bitcoin's benefits if doing so....
The Superintendent of Financial Services at the New York State Department of Financial Services, Mr. Ben Lawsky, has publicly released the highly-awaiting BitLicense regulation proposals that come as a result of hearings that took place earlier this year. The push came via the Bitcoin page on social sharing website Reddit.com as a means to connect with one of the largest online digital currency communities. According to Lawsky, the drafted proposal will make its was to the New York State Register on the 23rd of July, which will commence a public commenting period of forty-five days.....