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Lawsky told the community that he would allow 45 days for comments and changes after proposing the BitLicense regulation. The community has been crowdsourcing various efforts to change the proposition, but the time frame is coming closer to an end each day.
Because of this, Boring feels as though there is not enough time to create a proper response.
“One egregious aspect is that the NYDFS is only giving 45 days to comment, which is severely inadequate to proposed regulations of the scope.”
To allow for an reasonable time frame, she and the Chamber are asking for an extension to the 45-day BitLicense comment period.
“We are requesting the NYDFS extend the comment period through the end of 2014, to allow the industry adequate time to properly review and respond.”
With the extension, this would seriously allow community leaders and companies the power to take time to prepare. Currently, there is a lot of fear, uncertainty and doubt surrounding the BitLicense regulation, causing some businesses to prepare a shutdown plan in advance.
One of the bigger problems that Bitcoin and other digital currencies face are the nature of the currencies. Regulation like BitLicense is meant for corporations and businesses, not for a global currency. Bitcoin is a currency; there is no CEO or defined legal team that can make an clear response on behalf of the entire community.
Bitcoin evangelists will often spread the word that Bitcoin is redefining finance and philosophy, but the need for an organization in Washington is a necessity when dealing with “old world” politics. The Chamber of Digital Commerce looks to be an addition to the community to help bridge the gap, but needs community action and support. The Digital Chamber is calling on the Bitcoin community submit comments to the NYDFS via their website against BitLicense regulation.
Bruce Fenton, of the Bitcoin Association, feels as though people should ignore the BitLicense regulation altogether, and various members in the community share his sentiment. “The regulators are not our friends,” he said. “I don’t believe we should reach out to them. I don’t believe we should engage them.”
A topic among many at the North American Bitcoin Conference in Chicago surrounded how they could get involved. Many people don’t realize that they do have the voice and power to make a difference. If everyone waits for someone else to do something, no progress can be made. The ideology that “someone else will do it” can be toxic and crippling when it comes to political games. There are various ways to get involved in the opposition, whether it be to ignore the BitLicense completely or make your voice heard by Ben Lawsky and the NYDFS.
Regardless of economics, it’s no secret that Dogecoin is one of the most dedicated communities when it comes to crowdsourcing. For the Sprint Cup NASCAR race, Dogecoin users voted constantly to make sure their sponsored driver, Josh Wise, beat out all the other drivers and race again. They’ve crowdsourced many different charity and sponsorship programs as well.
All communities can take this mindset on BitLicense. Users can send comments to the NYDFS daily; making their voice heard with such dedication as the Dogecoin community has shown in the past. The nature of BitLicense is that it doesn’t only affect Bitcoin; BitLicense affects every digital currency. Surely the notion “united we stand, divided we fall” is one of the most important sentiments among all cryptocurrency users while opposing this regulation.
Photos provided by the Chamber of Digital Commerce and Wikimedia
Last modified: July 23, 2014 22:12 UTC