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Lawsky Details BitLicense Changes and Says “I Think You Will See Wall Street Rushing to This”

By Inside Bitcoins Dec 18, 2014 11:59 AM EDT

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NEW YORK (InsideBitcoins) — New York Department of Financial Services superintendent Ben Lawsky has revealed some of the specific changes to the BitLicense proposal which are set for release to the public for comment within days. In a keynote address to the Bipartisan Policy Center in Washington this morning Lawsky detailed some of the revisions to the statute, based on public input:

  • BitLicense Benjamin LawskyRecord-keeping requirements would be reduced from 10 to seven years
  • Startups would receive a two-year waiver from full compliance
  • Assets held in virtual currencies can be counted toward capital requirements
  • Eliminated the requirement for licensees to obtain address and transaction data for all parties involved in a transaction.

“I think you will see Wall Street rushing into this.”

The superintendent also clarified that the BitLicense law will not apply to merchants accepting cryptocurrencies as payment, bitcoin miners, software developers or to companies that issue digital value in the form of rewards and gift cards.

Meanwhile, in a interview on the Arthur Levitt podcast on Bloomberg radio yesterday, Lawsky showed bitcoin a little love, saying “If we can put some parameters, regulatory parameters, around virtual currencies that, on the one hand, don’t stifle innovation but, on the other hand, allow the larger banks to have some comfort that we’re watching out for money laundering, I think you will see Wall Street rushing into this.”

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