26 Feb '15, 4pm

New York Proposes Special Bitcoin Regulation, But Won't Say Why

Yesterday, the New York Department of Financial Services (NYDFS) issued the second draft of its “BitLicense” proposal, a special, technology-specific regulation for digital currencies like Bitcoin. For a second time, the NYDFS claims to have a strong rationale for such regulation, but it has not revealed its rationale to the public, even though it is required to do so by New York’s Freedom of Information Law. If you’re just joining the “BitLicense” saga, the NYDFS welcomed Bitcoin in August 2013 by subpoenaing every important person in the Bitcoin world . A few months later, New York’s Superintendent of Financial Services announced his plan for a special “BitLicense ,” which would be required of anyone wanting to provide Bitcoin-based services in New York. About a year later, Superintendent Lawsky released the first draft of the “BitLicense” proposal, to strongly negative ...

Full article: http://www.cato.org/blog/new-york-proposes-special-bitcoi...

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