COIN CONGRESS SAN FRANCISCO July 23, 2014 — The newly formed Chamber of
Digital Commerce finds the New York Department of Financial Services (NYDFS)
proposed BitLicense rules and regulations to be severely debilitating to the digital
currency industry.
Despite Ben Lawsky’s claims that these proposed regulations are intended to be
guardrails to “protect consumers and root out illegal activity – without stifling beneficial
innovation” these rules could potentially crush the Bitcoin industry in New York and
stifle jobs, investment, and innovation. The Digital Chamber agrees that we need
guardrails in these areas, but these proposed regulations are onerous and in many cases
simply misplaced, with the potential to seriously injure legitimate applications of this
valuable emerging area.
“One egregious aspect is that the NYDFS is only giving 45 days to comment, which is
severely inadequate to proposed regulations of this scope” said Perianne Boring,
President of the Digital Chamber. “We are requesting that the NYDFS extend the
comment period through the end of 2014, to allow the industry adequate time to properly
review and respond.”
The Digital Chamber is calling on the Bitcoin community to submit comments to the
NYDFS. Instructions on how to submit comments can be found on the NYDFS website
at http://www.dos.ny.gov/info/register.htm.
Earlier this week the digital currency and digital asset communities came together to
form the industry’s first trade association, the Chamber of Digital Commerce.
About the Chamber of Digital Commerce
The “Digital Chamber” is the first D.C.-based non-profit, trade association dedicated to
promoting the acceptance and use of digital currencies. Website:
MEDIA CONTACT
Perianne Boring
Chamber of Digital Commerce
president@digitalchamber.org
(202)302-6064
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