MIT Calls Out 'Critical Flaws' in New York's BitLicense
MIT Digital Currency Initiative director Brian Forde has issued a new blog post in which he aims to draw attention to four "critical flaws" in the approach so far taken by the state of New York to regulate the digital currency industry. Coming one month after his appointment to the position, the piece finds Forde seeking to voice the leading US university's interest in bitcoin and the blockchain as technologies that could contribute to the global good. The DCI was announced in April following a year of additional grassroots efforts on campus. Perhaps most notably, Forde contended that the....
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Boost VC CEO Adam Draper has launched a petition seeking a number of changes to New York's proposed BitLicense framework. The petition calls for New York regulators to limit the amount of information they gather on virtual currency startups to what is mandated by federal standards; that the BitLicense avoid using duplicative language already enshrined in federal law; and that regulators give their approval for what Draper calls a "sandbox of innovation in the financial markets". In a video accompanying the petition, Draper stated that the changes are needed to reduce startup costs for....
Theo Chino, a Bitcoin entrepreneur has filed a lawsuit against NYDFS and its handling of BitLicense in the Supreme Court of the State of New York. For those who have been following the developments in cryptocurrency sector from past couple of years, the BitLicense fiasco is quite familiar. The cryptocurrency industry was in for a shock last year after the New York Department of Financial Services decided to implement regulations governing digital currencies, popularly referred to as BitLicense. With BitLicense coming into effect, companies in the sector either decided to comply with the....
Eobot, a cryptocurrency cloud mining company, will not serve customers in New York State as of July 1, 2015, on account of the recently finalized New York State BitLicense requirements. "If you are residing in and/or accessing Eobot within the State of New York, U. S., please withdraw all coins and cease all mining with Eobot as of July 1, 2015, as we are ceasing all Eobot mining connections from within New York at that time," the company announced on its website. We regret that we must cease Eobot business within New York State, however the new BitLicense requirements in this state place....
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....
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....