Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
New York Department of Financial Services (NYDFS) Superintendent Benjamin Lawsky will speak about the BitLicense at a Washington DC event today, he tweeted.
https://twitter.com/BenLawsky/status/605845521354219520
The announcement came right ahead of the launch of the aforementioned Bitcoin regulation, which itself has generated quite a buzz inside the digital currency sector, for it will reportedly introduce some anti-development laws in its conclusive form. Lately, Bitcoin company Coinbase and MIT Digital Currency Initiative, in separate letters, raised concerns that how BitLicense is critically flawed and puts substantial burdens on the digital currency businesses in New York.
The mood around the upcoming regulation is, therefore, pessimistic — a reflection of which could be seen in the recent Bitcoin price crash. On the other hand, other states are gearing up to take the opportunities to lure the digital currency businesses from Wall Street; mainly New Jersey, whose two assemblymen have proposed a bill that would introduce tax breaks to Bitcoin businesses.
“It’s very attractive, to us seeing a state which, instead of us having to work so much harder just to operate, seeing a state that comes with its arms open,” CoinSetter CEO Jaron Lukasieicz had said.
Lawsky’s speech therefore marks an important event that would further decide the direction of BitLicense. Businesses are seemingly in no mood to comply and are threatening to move abroad in case there comes a burdensome regulation. This will be the Superintendent’s last efforts to announce some amendments before he resigns from the office.
The speech will be held Wednesday, June 3, 11:30 AM EST at:
BITS Emerging Payments Forum,
Westin City Center,
1400 M Street, NW,
Washington, DC
It will also be broadcasted here.
