Benjamin Lawsky Leaving the New York Department of Financial Services

By November 24, 2014 Bitcoin Politics
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Benjamin Lawsky Leaving the New York Department of Financial Services

Benjamin Lawsky, an increasingly familiar name in the bitcoin space, is once again making the news.

Lawsky, presently serving as the Superintendent of the New York Department of Financial Services (NYDFS), is reportedly leaving the regulatory body some time next year, according to a report published last week by Bloomberg.

Under Lawsky’s watch, the NYDFS collected over $3 billion in fines from banks, called for the termination of executives, and overall came down very hard on financials institutions that weren’t exactly following the rules.

In the bitcoin community, Lawsky first caught the attention of digital currency enthusiasts during hearings held at the start of the year. Those hearings were, of course, a precursor to the so-called “BitLicense” initiative that Lawsky has spearheaded.

The BitLicense, which has come under fire from individuals and companies alike in the cryptocurrency community, would require organizations dabbling in the digital currency in New York to abide by a very strict set of rules and reporting guidelines. Many argued these requirements were simply too stringent for start-ups looking to focus on building their product, and some have even suggested the BitLicense would dissuade said start-ups for setting up shop in the state of New York in the first place.

And while Lawsky’s departure is imminent, it doesn’t necessarily mean that the NYDFS will discontinue their efforts to put together and enact the BitLicense. The BitLicense is seemingly very much a blip on their radar.

As for Lawsky, well, you can imagine what his next step will be. The private sector, according to an unnamed Bloomberg source.

Lawsky, presently serving as the Superintendent of the New York Department of Financial Services ( NYDFS ), is reportedly leaving the regulatory body some time next year, according to a report published last week by  Bloomberg .

Under Lawsky’s watch, the NYDFS collected over $3 billion in fines from banks, called for the termination of executives, and overall came down […]

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