In Circle’s defense, implementation of regulations at the federal level will prevent the New York’s BitLicense fiasco from happening again. Soon after BitLicense was introduced by the then Superintendent of the New York State Department of Financial Services, Benjamin Lawsky many Bitcoin companies moved out of the state. The companies did not want to comply with regulatory requirements which would have proven to be detrimental to their whole business model and continuing operations without BitLicense would have made it illegal.
Circle’s Chief Executive Officer Jeremy Allaire was quoted by a publication saying-
“We think the Fintech industry could benefit from different forms of national charters for online banking activities.”
A Fintech charter by the federal regulator will not only make it easier for Circle to operate across the United States, but it will also help in the company’s expansion plans. It is worth noting that Circle recently became the first company to partner with Barclays to use their systems to make transactions between the United States and the United Kingdom over blockchain.
While Circle’s request is being considered by the authorities, it is to be seen whether the concerned regulatory body will decide to consider it as a one-off case or introduce broad regulations.
http://www.newsbtc.com/2016/06/13/circle-loves-regulations-others-not-so-much/
