BitLicense Comments Published; Revised Proposal to Be Issued Before the End of the Month

BitLicense

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NEW YORK (InsideBitcoins) — The New York State Department of Financial Services (NYDFS) has posted to its website all 3,746 comments received from the public regarding the initial BitLicense proposal. Each comment includes the name of the commenter (if provided) and a link to their correspondence. Superintendent Ben Lawsky indicated in a tweet earlier this afternoon that a revised BitLicense proposal should be issued for additional public comment later this month.

“This regulatory proposal could cut that innovation off at the knees, before we have a chance to see the potential societal benefits.”

Notable commenters apparently included former president Bill Clinton, who said:

“The proposal as written raises First Amendment concerns. It’s premature to craft regulations for an industry that’s so new and still in flux. Bitcoin and similar virtual currencies are still in their infancy, and we don’t yet know what new tools and services might be created. This regulatory proposal could cut that innovation off at the knees, before we have a chance to see the potential societal benefits. The NYDFS is letting the fear of money laundering drive a massive regulatory proposal forward that would affect users who are doing nothing wrong.   NYDFS should respect the privacy of technology users, and limit its regulation to what is proportionate to the real threat at hand.”

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