Lawsky's BitLicense Draws Plenty of Criticism
Benjamin Lawsky, who recently stepped down from his post as NYDFS chief, has drawn a lot of criticism for his BitLicense framework. This set of rules is designed to oversee the operations in the digital currency industry and requires companies to secure licenses before proceeding with their product offerings. Much has been said about the additional costs entailed for securing regulatory approval for each bitcoin product offered in the New York state, as this would be a disadvantage for startup companies. Apart from that, critics also say that it requires too much information from companies....
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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....
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....
New York financial regulator Benjamin Lawsky today announced his revisions to the proposal for bitcoin regulations outlined in the BitLicense documents released earlier this year. Having initially drawn criticism from the digital currency community, Lawsky agreed to take another look at the details and announced the revisions today. The initial subject addressed was who would be required to obtain a BitLicense - namely only financial intermediaries. This means developers, miners and individuals who hold BTC for personal retail or investment use will not be required to get a BitLicense.....
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....
Benjamin Lawsky, Superintendent of the New York Department of Financial Services (NYDFS), is slated to appear at the Benjamin N. Cardozo School of Law to discuss bitcoin on October 14th, according to this event page. The title of the 'Tech Talk' is Regulating Digital Currency: BitLicense and the Internet of Value, and Lawsky is perhaps one of the better-suited individuals working for the government that can speak on the topic. Lawsky's NYDFS currently has a proposal out right now for BitLicense scheme, which requires companies working in the digital currency industry in the State of New....