Abolish the Bitlicense
Bitcoin is the first Intangible Commodity of the Internet.
In February 2018, some senators organized a round table to gain insight on the logistics and organization of cryptocurrency; its regulation through the 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
The bitlicenseIn 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 still regulate an emerging industry without the proper constitutional authority. Watch the January 2014 NYDFS Hearings
My lawsuit against the NYDFSWhen the final rules 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
The political implicationThis episode really outraged me and I decided to investigate how a small group of lawyers from an executive agency could turn something that requires a Regulatory Void into the destruction of an industry to benefit the powerful banking interest.
That journey led me to get involved in the political process from the ground up. Five years later, Governor Cuomo finally has on his desk the bill that NYDFS should have asked 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 to take a lookThis movie look at the issue from a Libertarian point of view and you can see how Senator Schumer, Cyrus Vance Jr. and Ben Lawsky wrongly followed the libertarian philosophy of Bitcoin and Blockchain.
Their technology illiteracy but also their unwillingness to listen to their constituency illustrate how they operate. This illiteracy can also be witnessed with AmazonHQ2, Uber, AirBnB to name a few.