The comment period in regard to the NY Regulator’s proposed Bitcoin regulation has been extended for another 45 days. NYDFS Attorney, Ben Lawsky, tweeted on August 21:
It appears that regulatory authorities have succumbed to the majority and have extended the comment period for Bitlicense.
Lawsky went to say that he found the thousands of comments sent to his office from all over the world to be very productive and he appears to be looking forward to developing a compromise with the bitcoiners of the world.
We've been getting great comments and are working hard on revisions. Extension makes sense. http://t.co/VHP7TP4EXm— Ben Lawsky (@BenLawsky) August 21, 2014
- Ben Lawsky
How much will they budge from their initial proposal?
This remains the question in many people’s minds. Common sense tells us that state and federal governments are not trying to constrain the industry, they are simply trying to make bitcoin’s use more taxable, transparent, and secure. With the domestic economy still suffering from lack of job growth, the government should be more than enthusiastic about a new industry which has the potential to bring new jobs and offers immense opportunity for innovation and entrepreneurship. However, I have been wrong before assuming that politicians have and effectively utilize common sense.
With that said, it is worth reiterating that this regulator may just be a figure head for the ultra-powerful financial institutions in NY state. His role inherently must represent their stance considering that they are extensive tax contributors. On a contrary note, nobody wants a banks versus bitcoin battle, so I imagine some middle ground will be found that works for all parties involved.
What will happen next?
Within the next month or two, a final draft of bitcoin regulation is likely to be approved paving the way for businesses to continue to emerge in the newly regulated virtual currency industry. I view this as a major positive which will begin to eliminate some the haze surrounding virtual currency and will naturally allow for more and larger businesses and institutions to utilize the revolutionary technology.
Furthermore, with regulation out of the way, it will likely be only a short time later that the Winklevoss Twins’ Bitcoin ETF will become approved for trading. Both of these are very positive catalysts for the bitcoin world.
- Winklevoss Twins
Many new entities are currently being formed to organize political efforts in support of permissive and business friendly digital currency regulation. The first and foremost is Perianne Boring’s Chamber of Digital Commerce which recently submitted a proposed addendum exempting small businesses from the excessive reporting requirements put forth by the original drafted regulation. However, she is not the only one heading up efforts.
I recently came across more of a grass roots effort to support political regulation through the formation of brand. I was able to speak to the founder of this recently started brand at a meet-up (who is requesting to remain anonymous for the time being) and he mentioned that there needs to be more focused on the political side of bitcoin. The brand is called Liberty & Virtue or L&V. He then told me:
“The regulatory hurdles are not going to be easy to get through, but they are next step required to advance digital currency adoption and application”
He went on to mention that he is currently in need of more people who are interested in getting involved including web site designers, graphics designers, and lawyers. Check him out on twitter @LibertyNVirtue
Although the recent price decline had some worried, the bitcoin world is strong. And viewing the industry through both a fundamental and a macro scope, it continues to get stronger.
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G+PinterestThe comment period in regard to the NY Regulator’s proposed Bitcoin regulation has been extended for another 45 days. NYDFS Attorney, Ben Lawsky, tweeted on August 21: DFS extending comment period for the Bitlicense reg an additional 45 days to October 21, 2014. http://t.co/VHP7TP4EXm #Bitcoin #BitLicense — Ben Lawsky (@BenLawsky) August 21, 2014 It appears that regulatory authorities have succumbed to the majority and have extended the comment period for Bitlicense.Lawsky went to say […]