[2016-11-11] Theo Chino: NY Authorities Are Using Bitcoiners in New York...

[PHPSELLER]

Theo Chino: NY Authorities Are Using Bitcoiners in New York as Guinea Pigs


Bitcoin entrepreneur and software developer Theo Chino, has accused the New York Department of Financial Services of using Bitcoiners in New York as guinea pigs.

The New York businessman has filed a petition at the Supreme Court of New York, challenging the mandate of the New York Department of Financial Services.

Process burdensome and expensive

In his claim, filed by the Ciric Law Firm PLLC, Theo alleged that the New York Department of Financial Services acted illegally and arbitrarily, and exceeded its regulatory power when it promulgated its controversial “Virtual Currency” regulation in 2015 - Part 200 of Chapter 1 of Title 23 of the New York Codes, Rules and Regulations.

Read More: https://cointelegraph.com/news/theo-chino-ny-authorities-are-using-bitcoiners-in-new-york-as-guinea-pigs

[aso118]

If the regulation had turned out well, NY authorities would have been called pioneers in crypto currency regulation and praised as visionaries.
Now that it has turned bad, they are being accused of using New Yorkers as guinea pigs.
That is life. 

[Gahs]

Bitcoin has a long way to go to gain mass adoption and respect from the authourities. So till then, the struggle continues...