Chamber of Digital Commerce Proposes Small Business Exemption to BitLicense

The CDC’s 10 page response to the NYFDS criticized nearly every aspect of the proposed BitLicense regulation. Among the many criticisms, the Chamber suggested that the Department revise their definitions of “virtual currency” and “virtual currency business activities,” so that it is far less broad, in order to prevent the regulation from impacting Bitcoin businesses that should not actually fall under the BitLicense regulations.

Additionally, the Chamber of Digital Commerce recommended that there be an exemption in the BitLicense regulations for startups and small businesses, which are companies that employ 100 people or less, according to New York state law. This exemption would, in theory, provide the consumer protection that the NYDFS is seeking without restricting the growth of the Bitcoin economy in New York.

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