Leading Altcoin Developers Speak Out Against New York's BitLicense Proposal
New York's proposed bitcoin regulations have been the subject of increasing criticism in recent weeks, with a wide variety of industry leaders coming forward to criticize the laws for their lack of clarity and for putting up unnecessary obstacles to the ecosysem's future growth. One element of the BitLicense proposal that has proved controversial is how it could be interpreted as applying to the developers of the more than 400 alternative digital currencies currently in circulation. For example, the draft rules published by the NYDFS stipulate that the regulations apply to all individuals....
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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,....
On July 17, New York became the first state to attempt to regulate Bitcoin and other forms of cryptocurrency (referred to as virtual currency in the proposal). New York Department of Financial Services (NYDFS) Superintendent Ben Lawsky announced the so-called BitLicense proposal on Reddit. While some in the Bitcoin community welcome regulation as a validation of Bitcoin's right to exist, the majority oppose it as the first roots of centralization. Beginning July 24, the public will have 45 days to give feedback to New York state regulators before the BitLicense draft is finalized. In true....
Xapo has announced that it will exclude customers residing in New York should the state's BitLicense proposal pass in its current form. Penned by founder and CEO Wences Casares, Xapo's blog post joins a growing chorus of bitcoin companies that have issued public statements on the matter. In August, on behalf of bitcoin services startup Circle, CEO Jeremy Allaire criticised issues in the proposal that he said could "discourage innovation". Casares builds on Allaire's arguments throughout, stating that while Xapo is not against smart regulation, New York's proposal overreaches. As a result,....
There's a variety of feelings surrounding the BitLicense proposal, and it seems like an overwhelming amount of folks just aren't pleased with where the New York Department of Financial Services (NYDFS) is taking this whole initiative. That includes the Electronic Frontier Foundation. The non-profit organization focused on digital rights has established a new webpage spotlighting the BitLicense and, well, their attempts to get the proposal from moving forward. They write: The State of New York is proposing a "BitLicense" for people creating and innovating around virtual currencies like....
Benjamin Lawsky, Superintendent of the New York Department of Financial Services (NYDFS), is slated to appear at the Benjamin N. Cardozo School of Law to discuss bitcoin on October 14th, according to this event page. The title of the 'Tech Talk' is Regulating Digital Currency: BitLicense and the Internet of Value, and Lawsky is perhaps one of the better-suited individuals working for the government that can speak on the topic. Lawsky's NYDFS currently has a proposal out right now for BitLicense scheme, which requires companies working in the digital currency industry in the State of New....