Circle CEO Jeremy Allaire has some choice words on New York’s BitLicence.
In a blog post on their website, he expresses his support for extending the period allotted for commenting on it, echoed by the “Fix the BitLicence” petition, as well as “subsequent review and comments on future drafts.”
He goes on to describe the BitLicence as a significant event for digital currency world wide, since New York’s position as a global centre of influence will influence other jurisdictions.
While those that oppose any and all regulation of digital currency operations might wish to ignore New York, the reality is that this will be studied and considered as a basis for other state and national policies. The stakes are high, and it’s extremely important that progressive minds engage with the issue and provide detailed and holistic criticism, suggestions, and improvements to what will ultimately become law in the near future.
Significantly, Allaire states that the BitLicence in its current form would be “technically impossible to comply with”, and unless the conditions are changed, Circle will be forced to block access to its services from New York residents.
Lawsky’s Gamble
New York is playing a dangerous game with its BitLicence.
The proposal has received almost universal criticism from businesses and professionals within the Bitcoin community for being far too restrictive and difficult to comply with.
If Ben Lawsky continues to push forward with the BitLicence framework as it currently exists, it could lead to New York being cut out of the new emerging digital economy.
As the cryptocurrency economy continues to grow, current financial centres like New York will likely feel threatened by its very existence. But by refusing to embrace it, New York may very well be signing its own death certificate, losing its position as the global centre of commerce.
Circle CEO: BitLicence "Technically Impossible To Comply With"
No comments:
Post a Comment