Industry: BitLicense Revision Leaves Room for Continued Debate
New York's bid to become the first state with a dedicated regulatory regime for the digital currency industry took a step forward this week when the New York State Department of Financial Services (NYDFS) published an updated draft of its BitLicense proposal. While only released on 4th February, the digital currency industry is already beginning to develop a loose consensus on the revisions and their potential impact. Overall, the community lauded the NYDFS for its willingness to incorporate feedback from those who provided comment, even if there was an equally strong belief that some....
Related News
The 30-day period during which the public can submit comment on the latest draft of New York's BitLicense proposal has begun. The formal comment period was initiated by the publication of the notice in the New York Register, a weekly periodical designed to keep state citizens up-to-date on rulemaking. Following roughly three weeks since the introduction of the framework, the publication seems likely to spur a new round of debate over the regulation and its more controversial measures. Speaking to CoinDesk, a number of the more prominent voices in the bitcoin community voiced concerns that....
After going through a series of draft submissions and commenting periods, the hugely awaited New York Bitcoin Regulatory Framework BitLicense is all set to be finalized by the end of May 2015, confirmed Benjamin Lawsky. The New York Department of Financial and Services (NYDFS) Superintendent validated his anticipation during a Dow Jones risk and compliance conference, saying that there will be room for further amendments if their counterparts from other states come up with entirely different Bitcoin regulatory rules. "We're going to see how this all shakes out," Lawsky told media. "I think....
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....
Facebook has announced experimental implementation of cryptographic encryption and authentication tool PGP. The new feature would allow users a specific place to publish their PGP keys on their Facebook profile. In addition, users can also request all notifications and sensitive emails to be encrypted using Facebook’s publicly posted PGP key. Apple has approved a new game that incorporate a tipping function for players to receive in-game rewards called Game of Birds. "Facebook's move comes amidst a turbulent international debate on privacy spawned by the Snowden leaks and which have lead....
Genesis Mining is the latest company to announce its departure from New York, following the formal introduction of the state's BitLicense. In a blog post released yesterday, the cloud mining firm - which claims to serve over 50,000 customers - said it had no choice but to block anyone with a New York IP address from using its services. 'While advocates for the BitLicense say they want to protect consumers, what the act really does is stifle innovation. It's complex, expensive, and comes with a set of guidelines that make it nearly impossible for any startup to comply with.'