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Title: NY DFS RELEASES PROPOSED BITLICENSE REGULATORY FRAMEWORK FOR VIRTUAL CURRENCY Post by: Tusk on July 17, 2014, 06:19:16 PM Today 17 July 2014, the New York State Department of Financial Services released a PROPOSAL for a regulatory framework which if implemented would have dramatic and widespread impact on the Bitcoin community.
http://www.dfs.ny.gov/about/press2014/pr1407171.html (http://www.dfs.ny.gov/about/press2014/pr1407171.html) I think this is the beginning of a slippery slope that needs some pushback from the community. There are two very inspiring arguments why this proposal is a bad idea 1) Bitcoin in the Beltway: Andreas M. Antonopoulos - The Future of Cryptocurrency https://www.youtube.com/watch?v=tgEDOBgYg-g (https://www.youtube.com/watch?v=tgEDOBgYg-g) 2) Bitcoin vs. Political Power: The Cryptocurrency Revolution - Stefan Molyneux at TNW Conference https://www.youtube.com/watch?v=joITmEr4SjY (https://www.youtube.com/watch?v=joITmEr4SjY) There are probably many more that can be added. A face book page has just been created, Opposed to Bitlicense https://www.facebook.com/bitlicense (https://www.facebook.com/bitlicense) Also an Avaaz campaign https://secure.avaaz.org/en/petition/New_York_State_Department_of_Financial_Services_Opposed_to_Bitlicense/ (https://secure.avaaz.org/en/petition/New_York_State_Department_of_Financial_Services_Opposed_to_Bitlicense/) It would be great if we could get a Protest linked to the Blockchain, hopefully some of the talented devs could come up with something like that to push back at this attempt at centralisation and cheep political campaigning. Title: Re: NY DFS RELEASES PROPOSED BITLICENSE REGULATORY FRAMEWORK FOR VIRTUAL CURRENCY Post by: TECSHARE on July 17, 2014, 06:34:30 PM Ultimately all this will do is hurt New York economically limiting income streams by imposing invasive and burdensome standards for both customer and merchants. Classic politics. The world will move forward and New York will be left in the past.
Title: Re: NY DFS RELEASES PROPOSED BITLICENSE REGULATORY FRAMEWORK FOR VIRTUAL CURRENCY Post by: Tusk on July 17, 2014, 07:27:38 PM Nods the Big Apple will be left to eaten by the worms
Title: Re: NY DFS RELEASES PROPOSED BITLICENSE REGULATORY FRAMEWORK FOR VIRTUAL CURRENCY Post by: Tusk on July 17, 2014, 09:03:19 PM A few reasons why the world needs more innovators and not regulators
Hi, this is Ben Lawsky at NYDFS. Here are the proposed BitLicense regulations http://www.reddit.com/r/Bitcoin/comments/2aycxs/hi_this_is_ben_lawsky_at_nydfs_here_are_the/cizzoyn Title: Re: NY DFS RELEASES PROPOSED BITLICENSE REGULATORY FRAMEWORK FOR VIRTUAL CURRENCY Post by: Spendulus on July 18, 2014, 04:34:16 AM Today 17 July 2014, the New York State Department of Financial Services released a PROPOSAL for a regulatory framework which if implemented would have dramatic and widespread impact on the Bitcoin community. .... ....And while various liberal groups continue to make stupid and snide comments about Governor Perry, here in Texas it's been declared a free market for bitcoin. No money transmitter and no money exchange license. So, frankly, I don't care what people in NY do or don't do. And I don't think NY crazy-law will have any "dramatic and widespread impact on the Bitcoin community." Ultimately all this will do is hurt New York economically limiting income streams by imposing invasive and burdensome standards for both customer and merchants. Classic politics. The world will move forward and New York will be left in the past. Merchant shopping cart checkout. Order including tax and shipping... $121.16 Pay with Mastercard/Visa AE Paypal Bitcoin (unless in NY) ..... Title: Re: NY DFS RELEASES PROPOSED BITLICENSE REGULATORY FRAMEWORK FOR VIRTUAL CURRENCY Post by: Full Spectrum on July 18, 2014, 07:58:44 AM So what? We still have Singapore, Hong Kong, every single British overseas territory, London, and countless other places that don't need a "Bitlicense". And if you're real keen on being near New York's financial services start your business in Jersey City! But if you really want to do something refuse to pay for any Bitcoin services that are based in New York. Capitalism is voting with your money isn't it?
Title: Re: NY DFS RELEASES PROPOSED BITLICENSE REGULATORY FRAMEWORK FOR VIRTUAL CURRENCY Post by: mfearnow on July 20, 2014, 06:51:07 PM I see this as a major threat to general acceptance and doing business in Digital Currencies.
If the regulations are adopted any think like the proposed NY regulations, the compliance costs alone will exclude most small or start up businesses. I think it same to assume that the regulatory framework in NY will be largely copied by other jurisdictions. I believe the future of this in industry depends on service and infrastructure companies that will support the many legitimate uses of this technology. All support Companies of any substance will have to comply to NY Regs. because of the legal risk, and the reporting and compliance costs will be too costly for all but a few large and well capitalized firms. I believe this is the way that Politicians, Government, and main stream Financial Institutions hope to address the perceived threat from Digital Currencies. Title: Re: NY DFS RELEASES PROPOSED BITLICENSE REGULATORY FRAMEWORK FOR VIRTUAL CURRENCY Post by: Spendulus on July 20, 2014, 07:24:55 PM I see this as a major threat to general acceptance and doing business in Digital Currencies. No, or if so, it is a very poorly thought out method.If the regulations are adopted any think like the proposed NY regulations, the compliance costs alone will exclude most small or start up businesses. I think it same to assume that the regulatory framework in NY will be largely copied by other jurisdictions. I believe the future of this in industry depends on service and infrastructure companies that will support the many legitimate uses of this technology. All support Companies of any substance will have to comply to NY Regs. because of the legal risk, and the reporting and compliance costs will be too costly for all but a few large and well capitalized firms. I believe this is the way that Politicians, Government, and main stream Financial Institutions hope to address the perceived threat from Digital Currencies. Because a small business will simply not comply, or will avoid doing business with NY. This is an "over reaching" attempt by NY to regulate businesses all over the world, by making their rules apply when an out of state business does business with a NY resident. Generally speaking, state law applies to a corporation or business entity when it has an office in that state, and only then. The closest I can come to an analogy would be state law regarding state sales tax, or possibly state law about pornography distributed over the internet. In both of these cases product comes "into the state over the internet". |