Abolish the BitLicense
Bitcoin is the first Intangible Commodity of the Internet.
In February 2018, a group of senators organized a round table to gain insight into the logistics and organization of cryptocurrency; its regulation through BitLicense in the state of New York, other states and on a federal level; and the current marketplace in which it thrives and becomes problematic for consumers.
In August 2013, the Superintendent of the New York State Department of Financial Services sent a letter of inquiry about Bitcoin and held hearings in January 2014. In those hearings, it was shown that Bitcoin was not money but a commodity. Ben Lawsky decided to ignore the finding and move forward with regulating an emerging industry without the proper constitutional authority. Watch the January 2014 NYDFS Hearings
My Lawsuit Against the NYDFS
When the final rule was published, I sued the New York State of Financial Services. The decision is currently being appealed. For more information on the lawsuit: https://Article78AgainstNYDFS.com
This episode outraged me. I decided to investigate how a small group of lawyers from an executive agency could destroy an industry that requires a Regulatory Void – all to benefit powerful banking interests.
That journey led me to get involved in the political process from the ground up. Five years later, Governor Cuomo finally has a bill on his desk that NYDFS should have proposed in the first place. That is the reason the community needs to call Governor Cuomo to tell him to sign the Digital Currency Study Bill into law.
Good Documentary – Take a Look
This movie looks at the issue from a Libertarian point of view. It shows how Senator Schumer, Cyrus Vance Jr., and Ben Lawsky wrongly followed the Libertarian philosophy of Bitcoin and Blockchain. Their technology illiteracy and unwillingness to listen to their constituency illustrate how they operate. This can also be witnessed with their handling of AmazonHQ2, Uber, and AirBnB, to name a few.