NYDFS Puts Additional Regulatory Burdens on Bitcoin Sector
The NYSDFS has proposed a new draft cybersecurity policy applicable to financial institutions including Bitcoin platforms in the state. The New York Department of Financial Service (NYDFS) has published a new cybersecurity regulation draft which might have a direct-indirect impact on the state’s Bitcoin industry growth. Touted as the regulation that would limit consumers’ exposure to cyber attacks, the aforementioned law is likely to put additional legal burdens on the New York’s freshly brewing Bitcoin sector. The state’s FinTech entrepreneurs were already facing troubles in complying....
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New York Department of Financial Services (NYDFS) Superintendent Benjamin Lawsky will speak about the BitLicense at a Washington DC event today, he tweeted. https://twitter.com/BenLawsky/status/605845521354219520. The announcement came right ahead of the launch of the aforementioned Bitcoin regulation, which itself has generated quite a buzz inside the digital currency sector, for it will reportedly introduce some anti-development laws in its conclusive form. Lately, Bitcoin company Coinbase and MIT Digital Currency Initiative, in separate letters, raised concerns that how BitLicense is....
The Bitcoin Foundation has again commented on the 'BitLicense' proposal put forth by the New York State Department of Financial Services (NYDFS) to regulate bitcoin businesses in the state. In a statement released today, the foundation highlights the need for public access to the "extensive research and analysis" cited by the NYDFS when the BitLicense was first proposed. This data, it says, is essential to examine the rationale used by the NYDFS in substantiating its regulatory proposal. The foundation further points out that the NYDFS has failed to produce these materials. Despite an....
The BitLicense saga continues: Today, Ben Lawsky took to Twitter to announce that the New York Department of Financial Services (NYDFS) will be extending the official comment period for the proposed BitLicense regulatory framework. The original plan was to allow a 45-day comment period; around the world, this timeframe was criticized as being too short given the magnitude of the proposed regulations. Presumably, as a result of the community's interest, the NYDFS has chosen to extend the official comment period from 45-day period to a 90-day period. The news has been well-received by 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....
Since the release of the BitLicense regulations from the New York Department of Financial Services (NYDFS), one of the most common complaints has been the lack of time the public has to comment on them (in order to propose revisions, and the like). Chamber of Digital Commerce President Perianne Boring even called the 45-day period "severely inadequate" - a sentiment echoed a good number of times now by others. Thankfully for the community, the NYDFS has heard the complaint loud and clear. As of Thursday, the Department's Superintendent Benjamin Lawsky announced that the commenting period....