Bitcoin Foundation to NYDFS: Public Needs Access to BitLicense Research
No doubt, there's be no shortage of discussion surrounding the so-called BitLicense proposal put out by the New York Department of Financial Services (NYDFS). The proposal, which is currently in a commenting period, has attracted the attention of consumers and businesses alike. Many, it seems, aren't fond of the strict regulations the NYDFS plans to put in place, citing the possibility that these regulations could stifle innovation in the cryptocurrency industry in the state of New York. And one of the loudest voices when it comes to telling the Department of Financial Services whats on....
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The Bitcoin Foundation has again commented on the 'BitLicense' proposal put forth by the New York State Department of Financial Services (NYDFS) to regulate bitcoin businesses in the state. In a statement released today, the foundation highlights the need for public access to the "extensive research and analysis" cited by the NYDFS when the BitLicense was first proposed. This data, it says, is essential to examine the rationale used by the NYDFS in substantiating its regulatory proposal. The foundation further points out that the NYDFS has failed to produce these materials. Despite an....
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....
Barry Silbert, CEO of SecondMarket, has posted an official letter requesting that the NYDFS extend the deadline for filing public comment by 45 days, on their "BitLicense" proposal. He urges affected companies and individuals to sign. Currently, the list of signatures includes many A-Listers such as Elizabeth Ploshay, a board member of the Bitcoin Foundation, Erik Voorhees, several prestigious universities such as Harvard and Stanford, and of course Barry Silbert himself. The more signatures the letter receives, the greater the chances we have to help shape or oppose the NYDFS BitLicense....
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....
The Bitcoin Foundation has thrown its weight behind efforts to extend the 45 day-long comment period for the BitLicense proposal drafted and recently released by the New York Department of Financial Services (NYDFS). In an open letter to the NYDFS, Global Policy Counsel for the Bitcoin Foundation Jim Harper said that there needs to be greater cooperation with the bitcoin community and more transparency for the process as a whole. The organization's efforts to advocate for a more growth-oriented BitLicense proposal builds on a previous grassroots-level initiative in which roughly 400....