Make youself heard now or never - NYC Bitlicense comment period extended

[RodeoX]

https://twitter.com/BenLawsky/status/502493642846912512

DFS extending comment period for the Bitlicense reg an additional 45 days to October 21, 2014.

Here is your chance to be heard by people who will decide some of the laws on bitcoin. Tell them what you think and what you would like to see happen in the bitcoin economy. Don't get hit by the train, drive it!

[Beliathon]

Chinese Bitcoin Exchanges Submit a Joint Letter to the New York Department of Financial Services

https://vip.btcchina.com/page/notice/?id=17en

[RodeoX]

Chinese Bitcoin Exchanges Submit a Joint Letter to the New York Department of Financial Services

https://vip.btcchina.com/page/notice/?id=17en

Good find! China "represent'n" 
45 days and counting down. All the complaining in the world won't matter after that. But right now you have a rare opportunity to be listened to. You can email him also, but I think Ben Lawsky's twitter account is better. That way your words will not only be seen by him, they will be part of something bigger than an email.

[JohnFromWIT]

Proposed legislation here (40 pages):
http://www.dfs.ny.gov/about/press2014/pr1407171-vc.pdf

[Beliathon]

I sure hope they give us permission to use our bitcoins!

lol iknowright.

Wouldn't want to be exchanging bits of mathematical information without governmental permission! 

[commandrix]

I sure hope they give us permission to use our bitcoins!

I'm pretty sure they can't stop us unless they're willing to put up a ton of effort. This may get to the point where the lazy government types decide that it's one of those regulations that they're never going to enforce. And even if they do, there are more cities than just NYC, know what I mean, Fern?

[DavidHume]

https://twitter.com/BenLawsky/status/502493642846912512

DFS extending comment period for the Bitlicense reg an additional 45 days to October 21, 2014.

Here is your chance to be heard by people who will decide some of the laws on bitcoin. Tell them what you think and what you would like to see happen in the bitcoin economy. Don't get hit by the train, drive it!

Kind of pointless to regulate it if business can easily move the entire business to another jurisdiction without regulation.

New York will simple drive all bitcoin related business out of the state.

[hdbuck]

pff this whole story is a joke. and now they are all sucking on that turdhead's twitter account like grateful little kids, forgetting that bitcoin was never about regulations. seriously, f#ck em.

edit: for i pray the day people will finally get it and start using exclusively bitcoin. good luck controlling and taxing transactions by then.

[franky1]

i thought i would email them (my first draft was twice the length of this quote) i tried to work it as nicely as i could without ranting about what i believe is the true purpose of the licence.

Although I feel the 'bitlicense' is not required in any shape or form and that the existing laws, statutes and regulations are adequate for the jurisdiction of New York. I will at least cherry pick out a fundamental point that the proposed license SHOULD NOT include, as this will unduly hurt businesses outside of your jurisdiction and also has no consumer benefit to remain inclusive.

Many users of the bitcoin financial system are adamant that any and all references of the words "residents of New York" needs to be removed from the proposals.
 
A license should be for businesses based in New York to be regulated by New York. But by including businesses that deal with New York residents means that all/any businesses across the world shall end up being regulated by New York state departments, simply by having a resident of your jurisdiction using an international service. Which goes against the whole idea of having jurisdictions and will hinder any innovation globally.

This simple sentence “residents of New York” can be abused by policy makers and those in state departments who financially gain from court fines and license fees. By simply, residing in New York and purposefully visiting a non New York bitcoin businesses, with the sole intent to create evidence of a breach of your policy. Which would in any sane persons mind be usually considered out of New York’s jurisdiction.

There is no reason what so ever to restrict residents from trade with any business where no person is physically harmed or able to create harm onto themselves or others.

Current consumer protections policies (which do not need changing) would protect customers whereby the only requirements are that businesses are enforced to abide by today's existing consumer protections policies and best business practice policies when registering the business with the state under the currently active state laws and policy procedures.

If the intent of the use of “residents of New York” is due to AML concerns to the financial movement of funds, then this is also already covered by current laws, statutes and policies.

I thank you for taking the time to read my comment, and to at least consider the negative implications of those key words “residents of New York”

Thank you again.

[hua_hui]

It will kill btc related business in New York and make them move out from there. 

[bornil267645]

it would bring more good than bad for the NYC bitcoin community...

[RodeoX]

I think I agree with everyone in this thread. I hope you all tell NYC, they are the ones that need to hear you. If we could turn them away from regulating the golden goose to death, it might set a tone for regulations elsewhere. I like Franky1's arguments about driving business out of New York. I think it has a lot of merit and is something regulators would try to avoid.
Once we get enough regulation for businesses to adopt bitcoin and it's strength grows we can start a campaign to peal back more of the rules we know will work against our economic freedom. This is a fight we can win, unless we switch to fighting each other rather than regulation.

[itsAj]

https://twitter.com/BenLawsky/status/502493642846912512

DFS extending comment period for the Bitlicense reg an additional 45 days to October 21, 2014.

Here is your chance to be heard by people who will decide some of the laws on bitcoin. Tell them what you think and what you would like to see happen in the bitcoin economy. Don't get hit by the train, drive it!

Kind of pointless to regulate it if business can easily move the entire business to another jurisdiction without regulation.

New York will simple drive all bitcoin related business out of the state.

It is not that easy to move a business somewhere else, especially when they already have offices in the state. It will likely cause people to not create bitcoin related businesses in the state of NY. I also think it is overblown to say that it will prevent businesses from accepting accounts from people that live in NY as most of the regulations are around having the BTC in storage that their customers have on deposit with them.

[rocks]

I already made myself heard in the free market when I decided walked away from the dollar and centrally controlled money, and exited into bitcoin.