What will happen when Lawsky announces his regulation of bitcoin?

[tabnloz]

It is supposed to be handed down by end of Q2.

Whether you agree or disagree with the idea of regulation, his announcement will have a major impact on bitcoin in the US.

Let's hear predictions for the days and weeks following the announcement.

I'll say it is going to see the establishment of regulated & licensed exchanges in the US, more acceptances by retailers and the official intro of Wall St.

It will not please everyone though, and anonymising agents like Dark Market, tumblers etc etc will see a spike in interest.

Pretty generalised view )

[1714903594]

1714903594

[1714903594]

1714903594

[Ron~Popeil]

It is supposed to be handed down by end of Q2.

Whether you agree or disagree with the idea of regulation, his announcement will have a major impact on bitcoin in the US.

Let's hear predictions for the days and weeks following the announcement.

I'll say it is going to see the establishment of regulated & licensed exchanges in the US, more acceptances by retailers and the official intro of Wall St.

It will not please everyone though, and anonymising agents like Dark Market, tumblers etc etc will see a spike in interest.

Pretty generalised view )

Do you have a link to the information you are referring to? I am not familiar with Lawsky and why he gets to hand out regulations. 

[Bit_Happy]

He is working for the New York State Gov't:

Bitcoin Firms Will Get ‘Regulatory Framework’ in 2014, NY’s Lawsky Says
http://blogs.wsj.com/moneybeat/2014/01/28/bitcoin-firms-will-get-regulatory-framework-in-2014-nys-lawsky-says/

New York state’s top financial regulator plans to proposed rules this year for bitcoin businesses operating within the state, as the first of two days of hearings on virtual currencies gets underway.

Benjamin Lawsky, superintendent of the New York Department of Financial Services, said in his opening remarks released to the press that he expects the department will “put forward, during the course of 2014, a proposed regulatory framework for virtual currency firms operating in New York.”

[Ron~Popeil]

He is working for the New York State Gov't:

Bitcoin Firms Will Get ‘Regulatory Framework’ in 2014, NY’s Lawsky Says
http://blogs.wsj.com/moneybeat/2014/01/28/bitcoin-firms-will-get-regulatory-framework-in-2014-nys-lawsky-says/

New York state’s top financial regulator plans to proposed rules this year for bitcoin businesses operating within the state, as the first of two days of hearings on virtual currencies gets underway.

Benjamin Lawsky, superintendent of the New York Department of Financial Services, said in his opening remarks released to the press that he expects the department will “put forward, during the course of 2014, a proposed regulatory framework for virtual currency firms operating in New York.”

Thanks!

I wouldn't set up a business there anyway, but if they do the usual NY hyper regulation it will chase business from their state to others. Texas seems like a good candidate.

[jc01480]

Oh, sheez!  That's in NY.  I seriously wish the Middle East would annex NY to get it off US tax rolls.  Same for Puerto Rico.

More seriously, this will be an interesting piece of legislation as it will likely lay the groundwork for other states in what to do, and not do.  Is there a link to their legislative bill proposals?  I'd like to read that to get an idea of how this reads.

[Ron~Popeil]

Oh, sheez!  That's in NY.  I seriously wish the Middle East would annex NY to get it off US tax rolls.  Same for Puerto Rico.

More seriously, this will be an interesting piece of legislation as it will likely lay the groundwork for other states in what to do, and not do.  Is there a link to their legislative bill proposals?  I'd like to read that to get an idea of how this reads.

They will probably do a lot of it through regulatory rules etc. Legislation takes a lot longer and is way too easy to understand than a bunch of intentionally confusing rules.

[Bit_Happy]

@jc01480 Correct, that the NY regulation of bitcoin is important since it will probably affect other states.

@Ron~Popeil Yes, he is a bureaucrat (probably unelected?) who has significant power over the business environment.
Then when things go wrong (and people cannot find work) the media blames the "greedy, free-market, profit-seeking capitalists".

[tabnloz]

@jc01480 Correct, that the NY regulation of bitcoin is important since it will probably affect other states.

@Ron~Popeil Yes, he is a bureaucrat (probably unelected?) who has significant power over the business environment.
Then when things go wrong (and people cannot find work) the media blames the "greedy, free-market, profit-seeking capitalists".

He seems to have come around to bitcoin since the hearings. This should filter into the regulatory environment.

If not, there are a few other places putting their hands up to possibly become the hub of bitcoin.

[BTCjust]

It is supposed to be handed down by end of Q2.

Whether you agree or disagree with the idea of regulation, his announcement will have a major impact on bitcoin in the US.

Let's hear predictions for the days and weeks following the announcement.

I'll say it is going to see the establishment of regulated & licensed exchanges in the US, more acceptances by retailers and the official intro of Wall St.

It will not please everyone though, and anonymising agents like Dark Market, tumblers etc etc will see a spike in interest.

Pretty generalised view )

Do you have a link to the information you are referring to? I am not familiar with Lawsky and why he gets to hand out regulations. 

yes

[jbreher]

I seriously wish the Middle East would annex NY to get it off US tax rolls.  Same for Puerto Rico.

Don't you even. PR has the most favorable capital gains structure imaginable for a US citizen. While I am still learning, PR looks to be hugely important to my financial well-being a couple years henceforth. It could be for many here.

[Melbustus]

He did a Reddit AMA back in Feb. Here it is in case anyone's interested:
http://www.reddit.com/r/IAmA/comments/1ygcil/as_requested_im_ben_lawsky_superintendent_of_the

[Ron~Popeil]

@jc01480 Correct, that the NY regulation of bitcoin is important since it will probably affect other states.

@Ron~Popeil Yes, he is a bureaucrat (probably unelected?) who has significant power over the business environment.
Then when things go wrong (and people cannot find work) the media blames the "greedy, free-market, profit-seeking capitalists".

As always. When Obamacare crumbles it will be the greedy insurance companies that killed it so we better set up a single payer system.

[Beliathon]

Clueless capitalism apologists spotted congregating in this thread. Avoid eye contact, they have a propensity for violence when it comes to enforcing profit.

[adamselene]

Clueless capitalism apologists spotted congregating in this thread. Avoid eye contact, they have a propensity for violence when it comes to enforcing profit.

Regulation literally requires people with guns making good on threats to work. Who's violent again?

[logger]

Sensible regulations could actually be great for attracting startups, the key word being sensible.

[logger]

Imagine a bunch of states competing to come up with the regulations that will best attract businesses to open up shop, let's hope!

[cccarnation]

He looks like a guy, who started to study it. Maybe i'm wrong, but it's even like he has glow of enthusiasm in his eyes. Give him a couple of moths - he will become a proponent of crypto.)))

[cccarnation]

And i like how he found his own benefits in the programmable nature of bitcoin (you spend it on what i say you spend it!).
Fixing moths to months would be dull. so be it.