Erik Voorhees: BitLicense Requires 'Reckless' Data Collection
According to ShapeShift founder and CEO Erik Voorhees, the company's recently launched iOS app "sailed through" the Apple App Store approval process. "We were expecting quite a bit of pushback from Apple because there have been lots of these horror stories about bitcoin apps, you know, never getting past the bar," he told CoinDesk. "And so we submitted it and crossed our fingers." Since its launch - notable for its release on an app platform known for its restrictive policy toward digital currency - the ShapeShift app has been downloaded more than 600 times, says Voorhees. Issues with the....
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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....
With so many states and governments starting to draft their frameworks for cryptocurrency regulation, some bitcoin enthusiasts are expressing concerns about the risks of overregulation. In particular, long-time bitcoin investor Erik Voorhees of ShapeShift has taken a stance against New York's BitLicense. Recall that this regulation has been criticized for potentially dampening innovation in the cryptocurrency industry, as it would require companies to secure several licenses for their bitcoin-related products. This might prove to be very costly especially for startups. Too Much Regulation....
Recently Erik Voorhees was interviewed by the Austin Bitcoin Meetup group via skype. Erik Voorhees is an outspoken Bitcoin Entrepreneur and evangelist. During the interview the topics of Bitlicense, Bitcoin Entrepreneurship and privacy were discussed. Bitcoinist has transcribed part of the interview and provided the video feed as well. Can you talk about BitLicence? “I don’t think New York deserves to be regulating anyone – I think the financial market they do regulate is a huge mess – so they should stay the eff out. It [bitlicense] tries to violate individual user privacy. This was my....
Another Bitcoin business is leaving New York due to the BitLicense. Poloniex the U.S. based Altcoin and Bitcoin exchange is shutting its doors to New York residents on August 8. Customers of the site have been issued an email warning letting them know they must remove funds if they reside in NY. With the BitLicense full steam ahead lead by Ben Lawsky and....
The recent hacks at ShapeShift, a sort of vending machine for altcoins, has been one of the biggest stories in Bitcoin for the past few weeks. Although the hacks were a serious hit to the exchange, CEO Erik Voorhees claims things could have been much worse if the startup had decided to comply with BitLicense regulations in New York. Traditional Regulations Won’t Work. Voorhees was recently on a panel related to disruptive Bitcoin companies at Consensus 2016. OB1 CEO Brian Hoffman, Blockstack Labs co-founder Ryan Shea, and Lightning CEO Elizabeth Stark were also featured on the panel. The....