Industry: BitLicense Revision Leaves Room for Continued Debate

New York’s bid to become the first state with a dedicated regulatory regime for the digital currency industry took a step forward this week when the New York State Department of Financial Services (NYDFS) published an updated draft of its BitLicense proposal.
While only released on 4th February, the digital currency industry is already beginning to develop a loose consensus on the revisions and their potential impact.
Overall, the community lauded the NYDFS for its willingness to incorporate feedback from those who provided comment, even if there was an equally strong belief that some parts of the regulation remain unclear and onerous.
Non-profit research firm Coin Center has to date released the lengthiest public response to the latest proposal, and was perhaps most indicative of this centrist view. Coin Center praised the agency even as it critiqued its approach to conditional licenses and mandated that those who want to issue digital currency will fall under its scope.
Authors Jerry Brito and Peter Van Valkenburgh wrote:
‘NYDFS has shown a willingness to embrace criticism that should be celebrated by the bitcoin community. This new draft clearly indicates that the many comments submitted in the previous comment period were reviewed and considered.’

This post was published at Coin Desk on February 6, 2015.

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