New York Is Losing Its Battle To Regulate Bitcoin - page 2.

Yasmonsan

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Merit: 0

Quote from: Cybernaut on August 23, 2015, 02:50:25 AM

I'm struggling to understand why, as soon as Lawsky crafted the regulation (BitLicense), he conveniently stepped away from managing and overseeing its implementation.

Now he is opening a virtual currency and cybersecurity consulting firm? Am I hearing this correctly?

That is right. I think it is a kind of corruption.

jacaf01

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Activity: 742

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The revolutionary trading ecosystem

Quote from: ljudotina on December 19, 2016, 03:38:57 AM

Quote from: Denker on August 23, 2015, 04:15:17 AM

Quote from: Cybernaut on August 23, 2015, 02:50:25 AM

I'm struggling to understand why, as soon as Lawsky crafted the regulation (BitLicense), he conveniently stepped away from managing and overseeing its implementation.

Now he is opening a virtual currency and cybersecurity consulting firm? Am I hearing this correctly?

Yes this is correct. First he made the laws, then he is leaving his chair and now started his own crypto consulting company to support startups how to drive through that jungle of regulations he created. Of course just for a small buck.

I couldnt put it better myself. Wrod for word. Dude created bunch of traps and now is making money for guiding trough them. That kind of bullshit actions should be illegal.

That is the beauty of free market and capitalism, you make pencil to write and create eraser to erase what you wrote

Jet Cash

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https://JetCash.com

Looks like another small step towards moving financial centres away from New York. How long will it be before we start calling it Old York.

ljudotina

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Quote from: Denker on August 23, 2015, 04:15:17 AM

Quote from: Cybernaut on August 23, 2015, 02:50:25 AM

I'm struggling to understand why, as soon as Lawsky crafted the regulation (BitLicense), he conveniently stepped away from managing and overseeing its implementation.

Now he is opening a virtual currency and cybersecurity consulting firm? Am I hearing this correctly?

Yes this is correct. First he made the laws, then he is leaving his chair and now started his own crypto consulting company to support startups how to drive through that jungle of regulations he created. Of course just for a small buck.

I couldnt put it better myself. Word for word. Dude created bunch of traps and now is making money for guiding trough them. That kind of bullshit actions should be illegal.

Kakmakr

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Leading Crypto Sports Betting & Casino Platform

The NYSDFS fked themselves, when they implemented this in the State of New York. Most of the Crypto companies left the state and resumed operation in other states where they did not have to pay those ridiculous license fees and be subjected to all that red tape. The regulators of that piece of legislation created some nice jobs for them as consultants to explain the complex legislation to the busineses that had to adhere to it, before they would be allowed to operate under that BitLicense. A great barrier to entry for 1000's of Bitcoin startups in New York. ^hmmmmm^

Paleus

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www.diginomics.com

Quote from: S4VV4S on August 23, 2015, 12:35:59 PM

Quote from: tadakaluri on August 23, 2015, 11:30:46 AM

Here is the Complete list of Latest In & Outs of BitLincense:

Companies Applying for the BitLicense in New York:

Xapo Inc.
Coinsource
Coinbase
Coinsetter
Bittrex
Circle
Bitstamp
MonetaGo

Ceasing Operations in New York:

Rebit.ph
Backpage
LocalBitcoins
Genesis Mining
BitQuick
BitMex
Kraken
Bitfinex
GoCoin
Poloniex
Shape Shift
Eobot
BTC Guild

8 in - 13 out

Quote from: RustyNomad on August 23, 2015, 09:02:58 AM

I strongly doubt the authorities will rethink the current regulations.

A large number of exchanges/businesses have already applied for licences to the authorities will not be concerned about the few who packed up and left.

I think you got it mixed.
It's a few companies who applied and a large number that packed up and left. Wink

Would be interesting to see an updated list as I think the startup community in the NY bitcoin scene has been hit even harder since 2015.

RustyNomad

sr. member

Activity: 336

Merit: 251

Quote from: S4VV4S on August 23, 2015, 12:35:59 PM

8 in - 13 out

I think you got it mixed.
It's a few companies who applied and a large number that packed up and left. Wink

Did not realise so many were leaving but then again, the ones staying or applying number almost 50% and from what I know, stand to be corrected, those staying looks to be some of the larger operations.

EDIT: Knew I read somewhere that a large number applied.... http://www.coindesk.com/nydfs-22-bitlicense-applications/

So its actually 22 vs 13

S4VV4S

hero member

Activity: 1582

Merit: 502

Quote from: tadakaluri on August 23, 2015, 11:30:46 AM

Here is the Complete list of Latest In & Outs of BitLincense:

Companies Applying for the BitLicense in New York:

Xapo Inc.
Coinsource
Coinbase
Coinsetter
Bittrex
Circle
Bitstamp
MonetaGo

Ceasing Operations in New York:

Rebit.ph
Backpage
LocalBitcoins
Genesis Mining
BitQuick
BitMex
Kraken
Bitfinex
GoCoin
Poloniex
Shape Shift
Eobot
BTC Guild

8 in - 13 out

Quote from: RustyNomad on August 23, 2015, 09:02:58 AM

I strongly doubt the authorities will rethink the current regulations.

A large number of exchanges/businesses have already applied for licences to the authorities will not be concerned about the few who packed up and left.

I think you got it mixed.
It's a few companies who applied and a large number that packed up and left. Wink

tadakaluri

hero member

Activity: 616

Merit: 500

Here is the Complete list of Latest In & Outs of BitLincense:

Companies Applying for the BitLicense in New York:

Xapo Inc.
Coinsource
Coinbase
Coinsetter
Bittrex
Circle
Bitstamp
MonetaGo

Ceasing Operations in New York:

Rebit.ph
Backpage
LocalBitcoins
Genesis Mining
BitQuick
BitMex
Kraken
Bitfinex
GoCoin
Poloniex
Shape Shift
Eobot
BTC Guild

kelsey

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Activity: 1876

Merit: 1000

Quote from: Cybernaut on August 23, 2015, 02:50:25 AM

I'm struggling to understand why, as soon as Lawsky crafted the regulation (BitLicense), he conveniently stepped away from managing and overseeing its implementation.

Now he is opening a virtual currency and cybersecurity consulting firm? Am I hearing this correctly?

only in American Undecided

RustyNomad

sr. member

Activity: 336

Merit: 251

I strongly doubt the authorities will rethink the current regulations.

A large number of exchanges/businesses have already applied for licences to the authorities will not be concerned about the few who packed up and left.

BlackPanda

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Activity: 1414

Merit: 1001

I hope like it and happens true Grin

jjacob

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Activity: 1554

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★Nitrogensports.eu★

This exodus of start ups must get the authorities thinking again.
Let us hope this feedback is enough for them to simplify things.

Denker

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Activity: 1442

Merit: 1016

Quote from: Cybernaut on August 23, 2015, 02:50:25 AM

I'm struggling to understand why, as soon as Lawsky crafted the regulation (BitLicense), he conveniently stepped away from managing and overseeing its implementation.

Now he is opening a virtual currency and cybersecurity consulting firm? Am I hearing this correctly?

Yes this is correct. First he made the laws, then he is leaving his chair and now started his own crypto consulting company to support startups how to drive through that jungle of regulations he created. Of course just for a small buck.

Cybernaut

newbie

Activity: 15

Merit: 0

I'm struggling to understand why, as soon as Lawsky crafted the regulation (BitLicense), he conveniently stepped away from managing and overseeing its implementation.

Now he is opening a virtual currency and cybersecurity consulting firm? Am I hearing this correctly?

Paleus

full member

Activity: 284

Merit: 122

www.diginomics.com

BITLICENSE: A BOON OR BUST?

On June 24th, 2015 the BitLicense was adopted by legislation and is now recognized by the NY Department of Financial Services (NYDFS). Businesses handling bitcoin and virtual currencies must apply for the license within 45 days from its initial announcement and pay an application fee of $5000. August 8th was the deadline for all companies to comply.

Since that time we have seen a sizable exodus of startup companies choosing not to service the New York region precisely because of this regulation.

The bulk of the commentary on the BitLicense’s success thus far came from Ben Lawksy, who, as he puts it “is doing no work in the virtual currency space at all.” after implementation of the license then handing off the reigns of procurement to others at the Department of Financial Services NY. Lawksy states that “smart regulation puts guardrails and rules in place that hopefully won’t stifle innovation” and that “the jury is still out” on the BitLicense.

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