The proposed Bitlicence framework, which New York Department of Financial Services Superintendant Benjamin Lawsky announced last month, has ruffled more than a few feathers.
Entrepreneurs, venture capitalists, and other figures in New York’s Bitcoin sphere have responded with a petition, which they’ve called “Fix The BitLicence”
What They Ask
The petition, addressed specifically to Superintendant Lawsky, outlines several concerns raised by the community regarding the BitLicence.
Specifically, they request an extension of the 45-day comment period, since the BitLicence regulations will have a heavy impact “on the growth and adoption of this powerful technology, not only in New York but around the globe.”
They explain their opposition to the BitLicence as well, in no uncertain terms.
We disagree with the thought process behind the creation of the “BitLicence” regulations; we feel that it will inhibit innovation, growth, and job creation.
The petition explains the huge growth and investment in the Bitcoin sphere, and how the BitLicence will negatively impact it.
If strictly read, the proposed regulations would cover nearly every non-merchant or consumer use of Bitcoin technology…Covered services would be subjected to tens — if not hundreds — of thousands dollars in annual compliance and regulatory requirements, even if there is no evidence that the service was being used for money laundering or to effectuate consumer fraud. Equally concerning, the regulations would strip startups of the power to innovate, since they would be required to seek permission from the Department of Financial Services to implement new features or technology.
As of this writing, more than 450 people have signed the petition, including representatives from Ethereum, Xapo, Coinbase, Moolah, and more, as well as many who signed as private individuals.
Some of the signatures come from outside of the Bitcoin sphere as well. Representatives from both Walmart and Microsoft have signed, though whether they are acting on behalf of their respective companies is doubtful.
Some of the more recognizable signatures include Erik Voorhees, Mark Karpeles, Andreas Antonopoulos, and, interestingly, Richard Branson. The petition does not, however, make any effort to verify the identities of those who sign.
To add your name to the petition, visit their official site.
What do you think of the BitLicence? Is it as bad as the petition makes it out to be? Leave us a comment below!
Petition To "Fix The BitLicence" Hits The Internet
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