Former NYDFS Chief Turned Digital Currency Consultant
Following the appointment of several former federal officials to the strategic board of some bitcoin startups, New York Department of Financial Services (NYDFS) superintendent Benjamin Lawsky announced his plans to step down and form a digital currency consulting group. Anonymous sources cited that the former NYDFS chief is set to create a legal consulting firm to advise clients on matters involving bitcoin and digital currencies. Prior to this, the NYDFS already announced in a press release that Lawsky will leave office in late June after his four-year stint. Digital Currency Consulting.....
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Today, Ben Lawsky, Superintendent of the New York Department of Financial Services (NYDFS), revealed the first state level attempt to regulate digital currencies such as Bitcoin: a BitLicense. One particularly thorny point in the sides of many Bitcoiners is the fact that the NYDFS chooses to refer to Bitcoin as a "virtual currency" as opposed to "digital money" or "digital currency." The NYDFS's language is consistent with the IRS, the Texas Department of Banking, and even across the pond with the European Central Bank. The full draft of the proposed regulations can be found here. The....
Infighting between the New York State Department of Financial Services (NYDFS) and the state governor's office has reportedly led to the resignation of key figures. The Wall Street Journal reported Monday that Anthony Albanese, acting superintendent of the NYDFS and successor to BitLicense architect Benjamin M Lawsky, is set to resign alongside agency spokesman Matthew Anderson. According to Bloomberg News, Albanese will depart in December. Under Lawsky - who left office in June - the NYDFS developed the BitLicense, a licensure scheme for digital currency companies operating in the state....
ItBit has hired former New York State Department of Financial Services (NYDFS) general counsel Daniel 'Danny' Alter as its general counsel and chief compliance officer. The three-year veteran of the NYDFS was involved in the formation of the New York BitLicense, the controversial licensing regime for digital currency businesses seeking to serve consumers in the US state, before departing in February. The move is perhaps surprising given the originally skeptical outlook on the technology Alter voiced at the New York BitLicense hearings in early 2014. At the two-day event, Alter was perhaps....
Circle is joining the ever-lengthening line of bitcoin companies to issue public comments on the New York Department of Financial Service's (NYDFS) BitLicense proposal, it would seem. The Boston-based company's General Counsel/Chief Compliance Offer, John A. Beccia, submitted a lengthy twelve-page letter addressed to Dana. V. Syracuse at the NYDFS (of which you'll find a copy below in PDF form). The following is a small highlight list of the points demonstrated in the letter: The BitLicense "casts too wide a net" on regulated companies in the digital currency realm. AML requirements....
New York State Department of Financial Services (NYDFS) Superintendent Benjamin Lawsky will give remarks on the agency's efforts to regulate digital currency activities at a Washington, DC event tomorrow. According to a press release from the NYDFS, Lawsky will be speaking at the BITS Emerging Payments Forum at 3:30pm UTC. In a tweet, Lawsky suggested that the speech may focus on the BitLicense, the regulatory framework crafted by the NYDFS that was expected to be released before the end of last month. Speaking tmrw on the latest in DFS digital currency regulation. Here's information on....