The EFF Wants You to Take Action Against the BitLicense
The Electronic Frontier Foundation explained their position in regards to New York's proposed BitLicense on Wednesday, and the organization that is known for defending individual rights on the Internet did not have many kind words to say about the possible regulations. Also read: Bitcoin Foundation Condemns Lack of Transparency in New York BitLicense. The point of the post by the EFF was to reach out to their community and find people who would be willing to sends comments to the New York Department of Financial Services. Rainey Reitman, the author of the post on the EFF's website, made it....
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While regulatory approval and compliance is a selling point for Bitcoin companies, the costs do not outweigh the benefits. New York is a great place for tourism, but not so much for entrepreneurs running a Bitcoin business. Things have gotten progressively worse since the BitLicense was introduced. As it turns out, the licensing process for BitLicense has been clogged up, and Bitcoin innovation has come to a halt in the stat.e not entirely surprising, as regulation following traditional guidelines is not the best course of action for Bitcoin. When the state of New York introduced....
The new BitLicense will open for a 30-day public comment period in just a few days. In a speech to the Bipartisan Policy Council, a Washington D. C. think tank, New York Department of Financial Services (NYDFS) Superintendent Ben Lawsky told the world about the new BitLicense's impending release date as well as several planned changes. Also read: NYDFS's Ben Lawsky Reveals Plan for Transitional BitLicense at #Money2020. Changes in the new BitLicense. Notably, a new BitLicense is not required for consumers or merchants seeking to transact in Bitcoin; furthermore, Bitcoin-related software....
BitLicense has been there on the news for a while now and recently the outgoing superintendent of New York State Department of Financial Services (NYSDFS) announced the final version of the BitLicense. By finalizing the BitLicense after almost a year of deliberations and amendments, NY became the first State in the United States to regulate cryptocurrency based businesses. Once the BitLicense regulations come into effect in full force, any Bitcoin or digital currency related business wishing to set shop in the State of New York would have to gain approval from the NYSDFS after meeting all....
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.
BitLicense has been a huge pain to many bitcoin and digital currency based startups operating in the State of New York. Once BitLicense was made mandatory and the deadline to apply for BitLicense surpassed, few of the companies decided to withdraw their services from New York while other companies who considered New York to be an important market decided to stick on and apply for it. Circle, a bitcoin based money transfer application was one among the many bitcoin companies that applied for BitLicense and recently it went on to become the first company to receive BitLicense from New York....