NY Regulation: What kind of legal status has it?

[segeln]

Ben Lawsky: NYDFS “Making Good Progress” on Virtual Currency Regulation  Sorry for running slightly behind. Should have proposal out in next week or 2."

http://newsbtc.com/2014/07/09/ben-lawsky-nydfs-making-good-progress-virtual-currency-regulation/
He is talking of "proposal"

Does anyone know what steps have to be taken that the Regulation itself becomes effective ?

Is it kind of law and has to pass different legal bodies to get approval?

Does NY Senator Cuome have to sign the issue?

P.S.Since I am foreigner I am not familiar with the issue

 

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[segeln]

it is very interesting no one knows anything substantial about the supposed most importent issue in the next weeks.

[keithers]

TBH, I think BTC regulation is on the lower of the priorities for Lawsky.   He is also working on a ton of regulations for real estate and finance, which at the current time carries a ton more weight than BTC.


Slower regulations is not necessarily a bad thing though...

[LostDutchman]

Ben Lawsky: NYDFS “Making Good Progress” on Virtual Currency Regulation  Sorry for running slightly behind. Should have proposal out in next week or 2."

http://newsbtc.com/2014/07/09/ben-lawsky-nydfs-making-good-progress-virtual-currency-regulation/
He is talking of "proposal"

Does anyone know what steps have to be taken that the Regulation itself becomes effective ?

Is it kind of law and has to pass different legal bodies to get approval?

Does NY Senator Cuome have to sign the issue?

P.S.Since I am foreigner I am not familiar with the issue

 

OK, in the USA it works like this................

.the State legislature, normally composed of a senate and a house of representataives formulates and agrees on a bill (A law).

Once the bill (Law) is approved by both houses it is sent to the governor for his signatiure and if he signs the bil it becomes law on whatever date is set by preceeding statute.

Cuomo doesn't have to sign a thing.

Hope this helps!



The Dutchman.

[rocks]

Ben Lawsky: NYDFS “Making Good Progress” on Virtual Currency Regulation  Sorry for running slightly behind. Should have proposal out in next week or 2."

http://newsbtc.com/2014/07/09/ben-lawsky-nydfs-making-good-progress-virtual-currency-regulation/
He is talking of "proposal"

Does anyone know what steps have to be taken that the Regulation itself becomes effective ?

Is it kind of law and has to pass different legal bodies to get approval?

Does NY Senator Cuome have to sign the issue?

P.S.Since I am foreigner I am not familiar with the issue

 

OK, in the USA it works like this................

.the State legislature, normally composed of a senate and a house of representataives formulates and agrees on a bill (A law).

Once the bill (Law) is approved by both houses it is sent to the governor for his signatiure and if he signs the bil it becomes law on whatever date is set by preceeding statute.

Cuomo doesn't have to sign a thing.

Hope this helps!



The Dutchman.

That is how it worked for the first 150 years of US history.

However today laws are not written by or voted on by elected officials.

Instead the process of writing laws has been outsourced to un-elected regulatory entities which create "regulations" (i.e. laws). These regulations are written by career gov workers who have never been voted on and who work closely with lobbyists of large corporations. The end effect are rules designed to protect established businesses and block new entrants. You see this in everything from banking to taxi services. 

The ratio of laws created by elected representatives vs. laws created by un-elected officials is something like 1:100. The US is simply not a democracy.

[LostDutchman]

Ben Lawsky: NYDFS “Making Good Progress” on Virtual Currency Regulation  Sorry for running slightly behind. Should have proposal out in next week or 2."

http://newsbtc.com/2014/07/09/ben-lawsky-nydfs-making-good-progress-virtual-currency-regulation/
He is talking of "proposal"

Does anyone know what steps have to be taken that the Regulation itself becomes effective ?

Is it kind of law and has to pass different legal bodies to get approval?

Does NY Senator Cuome have to sign the issue?

P.S.Since I am foreigner I am not familiar with the issue

 

OK, in the USA it works like this................

.the State legislature, normally composed of a senate and a house of representataives formulates and agrees on a bill (A law).

Once the bill (Law) is approved by both houses it is sent to the governor for his signatiure and if he signs the bil it becomes law on whatever date is set by preceeding statute.

Cuomo doesn't have to sign a thing.

Hope this helps!



The Dutchman.

That is how it worked for the first 150 years of US history.

However today laws are not written by or voted on by elected officials.

Instead the process of writing laws has been outsourced to un-elected regulatory entities which create "regulations" (i.e. laws). These regulations are written by career gov workers who have never been voted on and who work closely with lobbyists of large corporations. The end effect are rules designed to protect established businesses and block new entrants. You see this in everything from banking to taxi services. 

The ratio of laws created by elected representatives vs. laws created by un-elected officials is something like 1:100. The US is simply not a democracy.

The USA was NEVER a Democracy!

Where did you go to school?

Did you sleep through class?

The USA is a Constitutional Federal Republic.

It has never been and never will be a "Democracy"!

Jesus.

Sometimes I wonder how some people remember to breathe.

[Bitco]

I question whether NYDFS actually has statutory authority to enforce such broad rules.  Does anyone have a link to the actual text of the law?

[jjc326]

Agreed with poster from a couple posts above regarding regulations. Legislatures now make a law and delegate authority to make regulations to certain agencies. If OP is talking about regulations then I think this is something that agencies could just make on their own. They will probably allow for public comment though, right?

[captchunk]

The USA was NEVER a Democracy!

Where did you go to school?

Did you sleep through class?

The USA is a Constitutional Federal Republic.

It has never been and never will be a "Democracy"!

Jesus.

Sometimes I wonder how some people remember to breathe.

You done yet? That warm fuzzy feeling of being a condescending jerk worn off now?

Ok now read:

"Democracy is a form of government in which all eligible citizens participate equally—either directly or indirectly through elected representatives—in the proposal, development, and creation of laws."

The Economist's 2012 list of countries classified as "Full Democracies":

Norway
Sweden
Iceland
Denmark
New Zealand
Australia
Switzerland
Canada
Finland
Netherlands
Luxembourg
Austria
Ireland
Germany
Malta
United Kingdom
Czech Republic
Uruguay
Mauritius
South Korea
United States of America***
Costa Rica
Japan
Belgium


Democracy comes in many forms. A Constitutional Republic is still a democracy. Many states even engage in direct-democracy.

Got it? Good. My sympathies however, because now you're going to have to find some other piece of semantics to vocalize on internet forums in order to rudely insult other people's intelligence and feel good about yourself.

[rocks]

The USA was NEVER a Democracy!

Where did you go to school?

Did you sleep through class?

The USA is a Constitutional Federal Republic.

It has never been and never will be a "Democracy"!

Jesus.

Sometimes I wonder how some people remember to breathe.

You done yet? That warm fuzzy feeling of being a condescending jerk worn off now?

Ok now read:

"Democracy is a form of government in which all eligible citizens participate equally—either directly or indirectly through elected representatives—in the proposal, development, and creation of laws."

The Economist's 2012 list of countries classified as "Full Democracies":

Norway
Sweden
Iceland
Denmark
New Zealand
Australia
Switzerland
Canada
Finland
Netherlands
Luxembourg
Austria
Ireland
Germany
Malta
United Kingdom
Czech Republic
Uruguay
Mauritius
South Korea
United States of America***
Costa Rica
Japan
Belgium


Democracy comes in many forms. A Constitutional Republic is still a democracy. Many states even engage in direct-democracy.

Got it? Good. My sympathies however, because now you're going to have to find some other piece of semantics to vocalize on internet forums in order to rudely insult other people's intelligence and feel good about yourself.

The LostDutchman is additionally wrong because the discussion topic is New York state legislation.

Even if you want to nitpick over whether or not a constitutional republic is classified as a democracy or not, individual US states such as New York are themselves democracies. The federal government on the other hand is a constitutional republic comprised of multiple individual state democracies. Since we are discussing NY state legislation (not federal), we are discussing a democracy.

Dutchman probably slept through his civics classes

[alienesb]

Agreed with poster from a couple posts above regarding regulations. Legislatures now make a law and delegate authority to make regulations to certain agencies. If OP is talking about regulations then I think this is something that agencies could just make on their own. They will probably allow for public comment though, right?

Yes they said after it was submitted they would allow for a 45 day comment period. I think in this case a law would actually have to be passed to suspend the regulations although I could be wrong. Either way, this is an ass-hat move by NY considering there are quite a few BTC startups in NYC.

[Coinapult]

The NYDFS news is saddening - public rights to privacy take another knock.

http://moneyandstate.com/reflections-right-privacy-response-nydfs-bitcoin-proposal/

[rocks]

Agreed with poster from a couple posts above regarding regulations. Legislatures now make a law and delegate authority to make regulations to certain agencies. If OP is talking about regulations then I think this is something that agencies could just make on their own. They will probably allow for public comment though, right?

Yes they said after it was submitted they would allow for a 45 day comment period. I think in this case a law would actually have to be passed to suspend the regulations although I could be wrong. Either way, this is an ass-hat move by NY considering there are quite a few BTC startups in NYC.

So an un-elected regulatory agency creates rules, and those rules then are law UNLESS an elected legislative branch votes to suspend said rules?

Just want to see if I got it right.