Vermont Finance Commissioner: We Don’t Need a BitLicense

Though a number US states have recently introduced measures that would allow bitcoin to become accepted as payment, Vermont came into the spotlight this week for a different reason – its decision to abruptly shut down the state’s only bitcoin ATM.
While the machines operators, New York-based PYC, have tried to paint the state as out of touch with innovation, the state’s Department of Financial Regulationis seeking to set the record straight that it’s anything but.
In a new interview, Commissioner Susan Donegan described digital currencies as ‘not a new issue’ for the small New England state, which she contends has met with ‘a handful’ of such businesses in recent years that have received licenses, or have pending licenses, to operate.
Donegan told CoinDesk:
‘We’re open and having those conversations and if going through that process is either too daunting or doesn’t fit into someone’s philosophy, they should rethink being in this business. This is money. We don’t allow folks to go without some sort of oversight.’

This post was published at Coin Desk on Published on February 19, 2015.