[2016-03-25]Eight Months Since BitLicense’s Inception, Only One License Has Been

[resources]

Since the New York State Department of Financial Services (NYDFS) launched its new means of regulating companies operating in the cryptocurrency industry, BitLicense, eight months ago in June 2015, the regulatory process has only approved one application.

Launched to foster acceptance by administrative bodies

When it was announced that the NYDFS was launching its BitLicense programme in New York, the news was met with positive remarks by leading industry professionals. Many take the view that regulation, although it may limit the cryptocurrency industry temporarily, is in reality hugely beneficial as it means there is growing acceptance by administrative bodies, and therefore hopefully, the general public will feel more comfortable using the new technology.


http://cointelegraph.com/news/eight-months-since-bitlicenses-inception-only-one-license-has-been-granted

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1714681286

[aso118]

Since the New York State Department of Financial Services (NYDFS) launched its new means of regulating companies operating in the cryptocurrency industry, BitLicense, eight months ago in June 2015, the regulatory process has only approved one application.

Launched to foster acceptance by administrative bodies

When it was announced that the NYDFS was launching its BitLicense programme in New York, the news was met with positive remarks by leading industry professionals. Many take the view that regulation, although it may limit the cryptocurrency industry temporarily, is in reality hugely beneficial as it means there is growing acceptance by administrative bodies, and therefore hopefully, the general public will feel more comfortable using the new technology.


http://cointelegraph.com/news/eight-months-since-bitlicenses-inception-only-one-license-has-been-granted

This is insane. A sure shot way to stiffle innovation.
It is but natural for businesses to move to friendlier jurisdictions.

[btcbug]

$50,000 - $100,000 to get a shitty Bit License?

I think this really reveals the type of scum that people like Ben LAWsky really are. They're expecting a startup business to eat that kind of expense? I'm very happy to hear that not many companies were foolish enough to bother.

[Denker]

This BitLicense was the stupiest thing the state of New York could have made.
That license is only good for stifling innovation in this area.Many crypto companies showed it's back and left this area.
I'm pretty sure in a few years NY will regret this decision.

[theochino]

This BitLicense was the stupiest thing the state of New York could have made.
That license is only good for stifling innovation in this area.Many crypto companies showed it's back and left this area.
I'm pretty sure in a few years NY will regret this decision.

We'll see in a few week as the New York Departement of Financial Services will have to explain in front of Justice Billings how they found the authority to regulate bitcoin.

The trial is at the at the New York State Supreme Court on 3/16/2017 @ 9:30 am.

For those interested to listen to the Oral Arguments on the Status of the Bitlicense
Come on @ 8:30 am - http://meetu.ps/e/CycxN/nndL/a

if people are tipping to help the lawsuit; I would love some tips to continue and take the bitlicense all the way to the US supreme court: 1EW7ESwvS3yGesSbP8G5ULsHYmy5pykeCG

A meetup where they will explain the basic:
Paper Review; Bitcoin: A Peer-to-Peer Electronic Cash System 3/9/2017 @ 7:00 pm
http://meetu.ps/e/CxT97/nndL/a

A meetup where they will explain advanced topic:
Socratic Seminar 66 (Food Sponsored by PWC) 3/14/2017 @ 7:00 pm
http://meetu.ps/e/CwdKj/nndL/a

And the Court Case:
Oral Arguments on the Status of the Bitlicense 3/16/2017 @ 8:30 am
http://meetu.ps/e/CycxN/nndL/a

The website of lawsuit:
http://www.article78againstNYDFS.com

[theochino]

This BitLicense was the stupiest thing the state of New York could have made.

Actually, the whole US is going to get slam with this version from this working group:
http://www.uniformlaws.org/Committee.aspx?title=Regulation%20of%20Virtual%20Currency%20Businesses%20Act

I'm pretty sure in a few years NY will regret this decision.

Start crying ! 
http://www.uniformlaws.org/shared/docs/regulation%20of%20virtual%20currencies/2017mar_RVCBA_Mtg%20Draft.pdf

Regards,
Theo

[Arcteryx]

Why do you think the exchanges left New York because of this stupid law being instated so to deal with bitcoins.
This was created by a lawyer so expect to just be a money grabbing scheme and nothing more.

It should die right there and then so it doesn't plague the bitcoin name to the rest of the globe before it is way too late.

[theochino]

It should die right there and then so it doesn't plague the bitcoin name to the rest of the globe before it is way too late.

That is why we need donation to continue the fight all the way to the Supreme Court (as long as Dood Frank is not repealed by then)

My lawyer explain in 8 minutes the regulatory issue: https://youtu.be/lj0Zzi3KxJc

We need as many small donations to make it trough.
https://blockchain.info/address/1EW7ESwvS3yGesSbP8G5ULsHYmy5pykeCG

All the raw papers filed with the courts are here: http://www.article78againstnydfs.com
New York State Court is a regional court, so we hope that the judge will side with the Florida judge to say it's not money.

Just saw in reddit that in the Philippines, the guideline that came out 2/6/17 is almost word for word the NYS definition ! Insane !  http://www.bsp.gov.ph/downloads/regulations/attachments/2017/c944.pdf

The fight is starting next Thursday. The state won't be pushing it again this time.

[theochino]

For those wondering how NY Court works.

This video below is the Appeal of what was known as the Soda Ban. (For information, as a non lawyer, I took that case and modify it, and submitted it to the court. The premise was about the same.)

https://www.youtube.com/watch?v=Y9zkaHpqjZU

What to look in this 30 minutes video:
- The lawyer for the City start presenting himself and doing his introduction and 10 second into it, the head judge start asking question.
- At minutes 4:29, https://youtu.be/Y9zkaHpqjZU?t=4m29s, another judge is asking about the Scientific Method.

So, it's going to be interesting.
We are ready to appeal each points and we believe that if we win, the state will do the same too.