DFS

New York Launches BitLicense Proposal – How Bad is it?

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Screen Shot 2014-07-18 at 3.05.31 PMRight off the bat, I want to make it completely clear that I first became attracted to Bitcoin from an entirely ideological perspective. Having worked on Wall Street for ten years, I saw first hand the immorality, destructiveness and criminality inherent in our current monetary and financial system. In fact, I became so disillusioned and disgusted with the industry I resigned from a lucrative job in January 2010. Thus began a long journey in which I looked for answers anywhere I could, in most cases finding very few. It wasn’t until I came across Bitcoin and recognized its revolutionary force for good that I became far more optimistic about our future as a species.

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New York Banking Regulator Benjamin Lawsky Thinks Mt. Gox Collapse Could Help Bitcoin

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Many people have been speculating all day as to why Bitcoin is up so much. The guesses have ranged from oligarchs worried about governments freezing their global bank accounts, to the UK moving away from a Bitcoin trading tax. While both those things may have played a role, I think the primary driver might be be comments from Benjamin Lawsky, superintendent of New York’s Department of Financial Services, on the sidelines of a banking conference today.

I’m not sure what time these comments were made, but it appears Lawsky wants to make sure New York state ends up being a global center for Bitcoin trading. This seems like a big deal to me.

From the UK’s Telegraph:

The collapse of the bitcoin exchange Mt Gox is part of a struggle for survival that could ultimately strengthen the virtual currency industry, New York’s banking regulator has said.

“It’s on the one hand a setback, on the other hand it will cause further improvements in this industry and some more regulatory involvement,” Benjamin Lawsky, superintendent of New York’s Department of Financial Services, told Reuters.

“It’s part of [a] shaking out,” he said on the sidelines of a banking conference in the US.

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