Bitcoin Forum
June 17, 2019, 12:02:34 PM *
News: Latest Bitcoin Core release: 0.18.0 [Torrent] (New!)
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: [2014-01-11] NY Department of Financial Services Announces Bitcoin Hearings  (Read 976 times)
Henark
Member
**
Offline Offline

Activity: 112
Merit: 10


View Profile
January 11, 2014, 07:06:43 PM
 #1

The New York State Department of Financial Services (NYDFS) will hold public hearings on the regulation of digital currencies on 28th and 29th January in New York City.

It will also discuss potentially issuing something it calls “BitLicenses” as a regulatory requirement specific to businesses in the “virtual” currency field.

Financial Services Superintendent Benjamin M. Lawsky issued a notice yesterday inviting members of the press and public to attend the hearings, which will include witnesses presenting before an inquiry as well as panel discussions.

The notice warned that space would be limited, and promised “a broad cross-section of industry participants, investors, academics and other individuals involved in the virtual currency industry.”

As the United States’ predominant financial services and trading hub, New York State is bound to receive high-profile attention and set the tone for future discussions with whatever findings it reaches.

The NYDFS first raised the idea of public hearings and BitLicenses in November, around the same time the US Senate Committee was holding its own hearings. Since then there has been a marked shift in US authorities’ opinions on digital currency – from initial disdain and joking to genuine curiosity.

Bitcoin’s price has leapt from around $400 the week of the hearings to something nearer $1,000, drawing in larger players and putting huge amounts of money at stake. If public statements around the world are any guide, central banks have also been rattled.

Quote
The New York State Department of Financial Services (NYDFS) will hold public hearings on the regulation of digital currencies on 28th and 29th January in New York City.

It will also discuss potentially issuing something it calls “BitLicenses” as a regulatory requirement specific to businesses in the “virtual” currency field.

Financial Services Superintendent Benjamin M. Lawsky issued a notice yesterday inviting members of the press and public to attend the hearings, which will include witnesses presenting before an inquiry as well as panel discussions.

The notice warned that space would be limited, and promised “a broad cross-section of industry participants, investors, academics and other individuals involved in the virtual currency industry.”

As the United States’ predominant financial services and trading hub, New York State is bound to receive high-profile attention and set the tone for future discussions with whatever findings it reaches.

The NYDFS first raised the idea of public hearings and BitLicenses in November, around the same time the US Senate Committee was holding its own hearings. Since then there has been a marked shift in US authorities’ opinions on digital currency – from initial disdain and joking to genuine curiosity.

Bitcoin’s price has leapt from around $400 the week of the hearings to something nearer $1,000, drawing in larger players and putting huge amounts of money at stake. If public statements around the world are any guide, central banks have also been rattled.

Prominent members of the bitcoin and digital currency community testified as witnesses, steering the discussion away from the usual crime-and-security cliches and back towards the potential for financial innovation. Stand-out witnesses included BitPay CEO Tony Gallippi and the Bitcoin Foundation’s general counsel Patrick Murck.

Over-regulation, including a requirement for many digital currency businesses to register as money transmitters separately in all 50 states, is seen as a barrier to entrepreneurship in the US and many of the world’s largest bitcoin businesses are located elsewhere.

The NYDFS’s statement in November, however, still listed several examples of bitcoin-related criminal activity before mentioning potential positives. While accepting some form of regulation as potentially inevitable, the digital currency community will again have its collective fingers crossed for further level-headed, conversation-setting testimonies.


http://www.coindesk.com/new-york-state-announces-bitcoin-hearings/

http://www.dfs.ny.gov/about/hdn_virtual_currencies.pdf

MEMBER
Datafund        M A I N  T O K E N  S A L E         Datafund
     Reclaim your Data, Reclaim your Freedom     

████████     TELEGRAM          TWITTER          MEDIUM          YOUTUBE     ████████
1560772954
Hero Member
*
Offline Offline

Posts: 1560772954

View Profile Personal Message (Offline)

Ignore
1560772954
Reply with quote  #2

1560772954
Report to moderator
1560772954
Hero Member
*
Offline Offline

Posts: 1560772954

View Profile Personal Message (Offline)

Ignore
1560772954
Reply with quote  #2

1560772954
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1560772954
Hero Member
*
Offline Offline

Posts: 1560772954

View Profile Personal Message (Offline)

Ignore
1560772954
Reply with quote  #2

1560772954
Report to moderator
1560772954
Hero Member
*
Offline Offline

Posts: 1560772954

View Profile Personal Message (Offline)

Ignore
1560772954
Reply with quote  #2

1560772954
Report to moderator
LiteCoinGuy
Legendary
*
Offline Offline

Activity: 1148
Merit: 1001


In Satoshi I Trust


View Profile WWW
January 11, 2014, 09:08:07 PM
 #2

i hope the best and i have a good feeling about it. more business can grow after that.

Steveia
Member
**
Offline Offline

Activity: 77
Merit: 10


View Profile
January 11, 2014, 10:15:58 PM
 #3

i hope the best and i have a good feeling about it. more business can grow after that.

I have a terrible feeling about it. I think the end of this month will be a blood bath. I fear NY will announce some regulatory statutes on Bitcoin and Bitcoin licenses; and I fear by the end of this month, China can hurt Bitcoin.

Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!