[2014-07-30] Steve Stockman: New York’s Bitcoin Regulation Could Crush the Indus

[epere]

http://www.coindesk.com/steve-stockman-new-york-bitcoin-regulation-could-crush-the-industry/

For Steve Stockman, US Representative for the 36th Congressional District of Texas, bitcoin presents an opportunity to provide much-needed fuel to a struggling US economy while creating a new class of jobs that redefines the Internet.

But, if regulations like those proposed by the New York Department of Financial Services (NYDFS) proliferate, Stockman fears the bitcoin business space – and its community – will face pressures that may ultimately prove insurmountable.

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[Bit_Happy]

New York’s Bitcoin Regulation Could Crush the Industry in the USA, and allow all the wealth to flow to other countries.
Hopefully, that will not happen...

[RodeoX]

IMO He's right that regulation could severely hurt bitcoin. But it wont go away. I will continue to use it for the rest of my life and, assuming I'm not the only one, it will survive in some way.   

[passionsurf]

"the clear winners should the NYDFS proposal pass in its current state would be banks who face competition from bitcoin’s underlying technology."

That sucks, another win for the banks if this goes through.

[nwfella]

And of course we have Banks being exempt from these rules themselves.  Classic.  This can't possibly pass can it?  Would be a real shame of NY adopted such ridiculous rules.  All they will do is drive innovation straight out of their state.  Unfortunately if it is passed I suspect the remaining 49 states will ultimately follow suit :/

Bitlicense in it's present form is a death knell for long term us involvement in the crypto space.  Get with the program New Yorkers, petition your officials.  Cry out from the mountaintops "We demand access to our bitcoins!  I can create an Alt coin for my son's 3rd grade science fair show!"

[Fundmanager23]

I do not think the other 49 states will adopt the NY rules.  There are states like Texas that have their own thinking about digital currency. I can't think of one thing that the rest of the nation copied from New York. I think the NY regulations have the potential to drive out innovation from NYC.  Companies will set up shop in Greenwich like the hedge funds or Jersey City. NY doesn't even have an NFL team.