MIT's Joi Ito Calls for a 'Supporting' Role for Governments as Community Awaits BitLicense Release
As the Bitcoin community awaits New York State's BitLicense regulations, expected to be released today, the debate about regulating digital currencies is in full swing. Director of the Massachusetts Institute of Technology (MIT) Media Lab Joi Ito recently commented on the need to regulate in an AMA (Ask Me Anything) on Reddit saying:"If we want Bitcoin....
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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....
The ongoing debate about the role of governments in regulating digital currencies isn't going away anytime soon. While the dustup over New York's BitLicense program continues, another front has opened up in California where a member of the state assembly has introduced a bill to regulate California's digital currencies businesses. The Washington, D. C. -based Coin Center and the San Francisco-based Electronic Frontier Foundation (EFF) each have lobbied hard against the New York Department of Financial Services attempts to regulate New York businesses with its controversial BitLicense....
The Chamber of Digital Commerce, located in Washington D. C., has been one of the major organizations spear-heading the BitLicense opposition. Chamber of Digital Commerce Founding President Perianne Boring has been vocally active against Ben Lawsky's proposed BitLicense regulation recently at the North American Bitcoin Conference in Chicago. The Chamber of Digital Commerce then held a press conference at the Coin Congress Sessions in San Francisco asking for an extension to the 45-day comment period Lawsky is allowing the community. CCN. Lawsky told the community that he would allow 45....
BitLicense, introduced in the New York state did more harm than good to the digital currency technology industry. Other governments intend to avoid making the same mistakes. Read more... When BitLicense was introduced, it was hailed as a defining moment, where the government-less and regulation-less cryptocurrency platforms meet regulatory machinery set up by governments and centralized organizations. A bit over one year down the line, BitLicense is being constantly referred back to, in order to avoid doing the same mistakes. BitLicense, introduced by Benjamin Lawsky, then Superintendent....
On July 17, New York became the first state to attempt to regulate Bitcoin and other forms of cryptocurrency (referred to as virtual currency in the proposal). New York Department of Financial Services (NYDFS) Superintendent Ben Lawsky announced the so-called BitLicense proposal on Reddit. While some in the Bitcoin community welcome regulation as a validation of Bitcoin's right to exist, the majority oppose it as the first roots of centralization. Beginning July 24, the public will have 45 days to give feedback to New York state regulators before the BitLicense draft is finalized. In true....