Chamber of Digital Commerce Urges Industry to Submit Comments on Proposed NYDFS Regulation

By July 23, 2014Bitcoin Business
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Chamber of Digital Commerce Urges Industry to Submit Comments on Proposed NYDFS Regulation

Chamber of Digital Commerce Urges Industry to Submit Comments on Proposed NYDFS Regulation
Chamber of Digital Commerce Urges Industry to Submit Comments on Proposed NYDFS Regulation

Perianne Boring’s Chamber of Digital Commerce was recently announced at the North American Bitcoin Conference, and already they’re issuing a call-to-action to companies and members of the cryptocurrency industry.

In a Wednesday statement, the Chamber issued a statement in which they called the proposed New York State Department of Financial Services (NYDFS) bitcoin regulations “severely debilitating” to the cryptocurrency industry as we know it.

From Wednesday’s statement:

Despite Ben Lawsky’s claims that these proposed regulations are intended to be guardrails to “protect consumers and root out illegal activity – without stifling beneficial innovation” these rules could potential crush the Bitcoin industry in New York and stifle jobs, investment, and innovation. The Digital Chamber agrees that we need guardrails in these areas, but these proposed regulations are onerous and in many cases simply misplaced, potentially seriously injuring legitimate applications of this valuable emerging area.
Chamber of digital commerce small
Chamber of digital commerce small

The NYDFS is allowing the public to comment on the proposed regulations for a period of forty-five days, after which they are expected to re-review their proposal and make appropriate amends.

Ms. Boring, President of the Chamber, isn’t quite pleased with the short time frame.

“One egregious aspect is that the NYDFS is only giving 45 days to comment, which is severely inadequate to proposed regulations of this scope,” she said in a press statement.

As such, the Chamber of Digital Commerce is asking members of the bitcoin community to be sure to submit their comments to the NYDFS — something that can be done at the New York State Register [link].

The Chamber of Digital Commerce was designed to promote bitcoin among businesses, lawmakers, regulators, policy-makers, and of course, the general public.

For more information on the Chamber, visit DigitalChamber.org.


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