By admitting the areas that the NYDFS does not wish to over-extend into, individual users and software developers, the NYDFS has somewhat admitted that the original proposal was too sweeping in nature. The BitLicense will not be applied to individual software developers, their companies, or individual users. Lawsky cleared the air around that previously unclear point:
To clarify, we do not intend to regulate software as software or software development. For example, a software developer who creates and provides wallet software to customers for their own use will not need a license.
The all-star panel included Brooks Gibbins of the Fin Tech Collective, Mary Dent of DCIQ Consulting firm, Constance Choi of DATA, Jerry Brito of Coincenter, Perianne Boring of the Chamber of Digital Commerce, and Jeff Albert of Pryor Cashman. The panelists answered questions about Bitcoin and took time to compare and contrast the budding Bitcoin industry with the internet industry in the early 90’s. Open technologies will always have a disruptive effect on legacy systems that are more inefficient.
Lawsky also summarized his intentions with these words:
Our hope is that companies recognize that effective, appropriate regulation will help create a race to the top, that it will foster greater trust and confidence among both customers and investors – who want to do business with firms committed to consumer protection. And that will spur a virtuous cycle of greater adoption of virtual currencies.
Do you like the direction that the BitLicense is headed? Comment below!
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Last modified: October 15, 2014 06:44 UTC