NYDFS Grants 45-Day Extension to Discuss BitLicense

By August 21, 2014Bitcoin Business
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NYDFS Grants 45-Day Extension to Discuss BitLicense

ForexMinute.com – New York Department of Financial Services (NYDFS) first superintendent Benjamin Lawsky recently took Twitter to inform the Bitcoin community about their agreement to extend period for discussing and implementing its much awaited regulatory project BitLicense.

The 34-year old attorney agreed to grant an extra 45-day period, raising hopes to release another draft of NYDFS’s proposed regulatory framework on Bitcoin and other cryptocurrencies. Just a couple of days before, the Chamber of Digital Commerce (CDC) submitted its official reply to the New York regulators, requesting a much broader policy on Bitcoin in the US.

In its fitting 10-page reply, the CDC urged NYDFS to revise their pre-installed notions on virtual currency and virtual currency businesses. The Washington-based Bitcoin group also suggested few changes that could simplify the current cryptocurrency regulation draft for New York businesses. They asked NYDFS to help startups, small scale businesses getting away from the regulation spectrum. In the same reply, the CDC requested New York regulators to extend its 45-day comment period.

While there have been no official reply from NYDFS on the demands surfaced by the CDC, the former however agreed to grant an extra 45-day period, probably to discuss this matter further. There might be a possibility that strong community reaction might push BitLicense back by much extents. The CDC has sincerely tried to make these regulations profitable for both the sides. The group’s member Perianne Boring earlier stated:

“We have been very vocal in encouraging the industry to submit comments to the NYDFS. The Digital Chamber’s comments are posted on our website and the industry is welcome to use them as a resource.”

Prior to the CDC, the Bitcoin Foundation, Circle CEO Jeremy Allaire, and several other notable figures in cryptocurrency community have also expressed their dissatisfaction with BitLicense.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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