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Title: Bitcoin Foundation Seeks More Time to Address Virtual Currency Rules Post by: cryptocurrencylive on August 06, 2014, 02:28:33 PM Bitcoin Foundation Seeks More Time to Address Virtual Currency Rules
http://dealbook.nytimes.com/2014/08/06/bitcoin-foundation-seeks-more-time-to-address-virtual-currency-rules/ Title: Re: Bitcoin Foundation Seeks More Time to Address Virtual Currency Rules Post by: RodeoX on August 06, 2014, 03:03:15 PM Some good news this morning on our efforts.
Quote FOR IMMEDIATE RELEASE Bitcoin Foundation Filing with N.Y. Department of Financial Services Wins Promise of More Information about “BitLicense” Proposal WASHINGTON, D.C. (Aug 6, 2014) -- In response to a Bitcoin Foundationfiling yesterday, the New York Department of Financial Services (NYDFS) quickly promised to provide the foundation more information about its controversial “BitLicense” proposal. Citing New York law that requires a clear statement of “needs and benefits” for proposed regulations, the Bitcoin Foundation’s commentsincluded a request under New York’s Freedom of Information Law (FOIL) for “any risk management and cost-benefit analysis (or any other systematic assessment) that is a part of the ‘extensive research and analysis’” the NYDFS cited when it issued its proposal. “The community can help you fit regulatory means to public interest ends if they have access to the risks your study of digital currencies identified,” wrote Bitcoin Foundation Global Policy Counsel Jim Harper to New York’s Superintendent of Financial Services. The NYDFS promised hours later to deliver that information to the foundation within 20 days. Echoing and extending community demand for more time to comment, the Bitcoin Foundation also suggested that the NYDFS adopt “an iterative process, in which you issue drafts, take comments for three months, re-draft, and take comments again until the many, many issues raised by the proposed regulation are thoroughly vetted in true collaboration with the community. ” Citing the NYDFS Superintendent’s willingness to engage with the community on Reddit, the Bitcoin Foundation letter highlighted tools such as News Genius and GitHub that would support a truly collaborative rulemaking process. “[T]he department should resist the constraints of administrative procedures developed in the era of postage stamps,” Harper wrote. “We are confident that the community will meet you wherever you announce you will be engaging with them.” The Bitcoin Foundation will publish all of the material it receives from the NYDFS for the Bitcoin community to review. If the agency takes the full 20 days to respond, the materials will be available just days before the close of the original comment period on the regulations, which was the minimum 45 days allowed by New York law. The NYDFS has signaled that it will extend the comment period on its sweeping, controversial draft digital currency regulation. Title: Re: Bitcoin Foundation Seeks More Time to Address Virtual Currency Rules Post by: Daniel91 on August 06, 2014, 03:51:37 PM Some good news this morning on our efforts. Quote FOR IMMEDIATE RELEASE Bitcoin Foundation Filing with N.Y. Department of Financial Services Wins Promise of More Information about “BitLicense” Proposal WASHINGTON, D.C. (Aug 6, 2014) -- In response to a Bitcoin Foundationfiling yesterday, the New York Department of Financial Services (NYDFS) quickly promised to provide the foundation more information about its controversial “BitLicense” proposal. Citing New York law that requires a clear statement of “needs and benefits” for proposed regulations, the Bitcoin Foundation’s commentsincluded a request under New York’s Freedom of Information Law (FOIL) for “any risk management and cost-benefit analysis (or any other systematic assessment) that is a part of the ‘extensive research and analysis’” the NYDFS cited when it issued its proposal. “The community can help you fit regulatory means to public interest ends if they have access to the risks your study of digital currencies identified,” wrote Bitcoin Foundation Global Policy Counsel Jim Harper to New York’s Superintendent of Financial Services. The NYDFS promised hours later to deliver that information to the foundation within 20 days. Echoing and extending community demand for more time to comment, the Bitcoin Foundation also suggested that the NYDFS adopt “an iterative process, in which you issue drafts, take comments for three months, re-draft, and take comments again until the many, many issues raised by the proposed regulation are thoroughly vetted in true collaboration with the community. ” Citing the NYDFS Superintendent’s willingness to engage with the community on Reddit, the Bitcoin Foundation letter highlighted tools such as News Genius and GitHub that would support a truly collaborative rulemaking process. “[T]he department should resist the constraints of administrative procedures developed in the era of postage stamps,” Harper wrote. “We are confident that the community will meet you wherever you announce you will be engaging with them.” The Bitcoin Foundation will publish all of the material it receives from the NYDFS for the Bitcoin community to review. If the agency takes the full 20 days to respond, the materials will be available just days before the close of the original comment period on the regulations, which was the minimum 45 days allowed by New York law. The NYDFS has signaled that it will extend the comment period on its sweeping, controversial draft digital currency regulation. This is very promising news, indeed. It will be really very interesting to see response from the New York Department of Financial Services as this can help us in dealing with other, similar, financial institution in the future. Title: Re: Bitcoin Foundation Seeks More Time to Address Virtual Currency Rules Post by: jbreher on August 06, 2014, 06:14:07 PM Whaddayaknow. TBF does a solid.
Good angle, too. If NYDFS publishes their analysis of the risks they are trying to address, we can both tune our commentary to the risks that are legitimate, and skewer the perceived risks that are actually irrelevant. Title: Re: Bitcoin Foundation Seeks More Time to Address Virtual Currency Rules Post by: keithers on August 06, 2014, 06:22:45 PM This is good. These are the types of things that one would expect that the Bitcoin Foundation should be targeting as their goals. IMO they should be all about the greater good of BTC and the people who are helping bring it to the masses...
Title: Re: Bitcoin Foundation Seeks More Time to Address Virtual Currency Rules Post by: ensurance982 on August 06, 2014, 06:25:54 PM Well they better be! The Foundation is supposed to lobby for Bitcoin, what are they there for otherwise? The whole deal with the BitLicnences is a perfect example for something where we need coordinated lobbying efforts in order to get the best outcome for Bitcoin!
Title: Re: Bitcoin Foundation Seeks More Time to Address Virtual Currency Rules Post by: waldox on August 06, 2014, 06:37:09 PM there needs to be a least a year for the new york laws to have sufficient time to be addressed properly by the bitcoin community
Title: Re: Bitcoin Foundation Seeks More Time to Address Virtual Currency Rules Post by: Poker Tilt on August 06, 2014, 06:41:06 PM This is good. These are the types of things that one would expect that the Bitcoin Foundation should be targeting as their goals. IMO they should be all about the greater good of BTC and the people who are helping bring it to the masses... intersted hope had feature banking who never opened thats wallet. |