Lawsky Defends New York BitLicense, Supports Both Consumer Protection and Bitcoin Innovation
Benjamin M. Lawsky, soon to be departing as top regulator at the New York Department of Financial Services (NYDFS) to start a consulting business, defended his bitcoin licensing rules that have drawn criticism from bitcoin advocates, according to a report in Wall Street Journal. Lawsky said his goal for the controversial BitLicense is to establish a balance between protecting consumers and allowing software developers the ability to create bitcoin products. Lawsky has a reputation as an aggressive financial regulator who consistently pushes for larger fines and stricter rules. He announced....
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New York State Department of Financial Services (NYDFS) Superintendent Benjamin Lawsky today released the final version of the BitLicense regulations, saying that his "gut feeling" was that digital currencies are here to stay. The BitLicense program to require digital currencies businesses in New York state to operate with a license and report to government has long been in the making and included two revisions with comment periods to allow for public criticism and input. Many felt that Lawsky had to find a reasonable balance between protecting consumers and allowing digital finance....
Former New York State Department of Financial Services (NYDFS) superintendent Benjamin Lawsky denied allegations from the Bitcoin community suggesting he created the BitLicense as a setup for his newly established legal firm, The Lawsky Group. Lawsky said he is not allowed to work on anything related to the BitLicense for the rest of his life. Lawsky countered the criticism during an interview with American Banker editor in chief Marc Hochstein. The interview, held at the American Banker Digital Currencies + the Blockchain Conference in New York City, was Lawsky's first public appearance....
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....
New York Department of Financial Services superintendent Benjamin M. Lawsky anticipates the final version of the BitLicense regulatory framework will be released sometime before the end of May. Speaking to reporters on 21st April during a Dow Jones risk and compliance conference in New York City, Lawsky noted that his office is in contact with other state regulators and is watching how both domestic and foreign regulation of digital currency activities takes shape.
BitLicense is extremely controversial in the Bitcoin community. Not only is it the first comprehensive body of Bitcoin regulation in the United States, but it is also the most restrictive. BitLicense was created by the New York Department of Financial Services (NYDFS), with Benjamin Lawsky — the Department’s superintendent — leading the charge. The....