The Bitcoin Foundation has reached out to the New York Department of Financial Services to request additional information on the proposed BitLicence regulation. A reasonable request, considering that, like it or not, the Bitcoin Foundation is one of the central figures in the Bitcoin world.
However, the NYDFS has decided not to release the requested information until December, well after the commentary period even with the recent time extension allotted.
Originally the NYDFS had agreed to release the requested information to the Bitcoin Foundation within 20 days, but they recently changed their mind and won’t release the information for another 120 days.
The Bitcoin Foundation Responds
The NYDFS revealed this news in a private communication with The Bitcoin Foundation’s global policy counsel, Jim Harper.
In a blog post on the Bitcoin Foundation’s blog, Harper described being optimistic about the prospect of cooperation with the NYDFS.
I was wonkfully excited by the prospect of getting a look at the research and analysis the NYDFS had done in support of the “BitLicense” proposal, so we requested “any risk management and cost-benefit analysis (or any other systematic assessment) that is a part of the ‘extensive research and analysis’” the NYDFS cited when it issued its proposal.
Harper still remains optimistic, since the fact that they will provide the requested information (even if it’s late) “is tacit confirmation that the research and analysis we requested exists.”
The Bitcoin World Responds
While Harper and the Bitcoin Foundation may still be optimistic, many other Bitcoin community members aren’t so impressed.
Circle has claimed that there is no way they can comply with the BitLicence in its current form, and unless it’s changed significantly they will begin blocking New York residents from using their services. Xapo CEO Wences Casares has shared a similar view.
OKCoin’s Changpeng Zhao called the BitLicence “not reasonable logically“, and said though they submitted their comments on it, they aren’t optimistic about how effective it would be.
Coinbase has also expressed reservations with the BitLicence proposal. While not as visibly frustrated as Circle, Xapo, or OKCoin, they nevertheless outlined several reasons why the current framework is unacceptable.
In fact, the only people who see it as a potentially good thing seem to be the Winklevoss brothers.
What do you think about the BitLicence?
NYDFS Won't Release Information Requested By The Bitcoin Foundation In Time
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