New York Bitcoin Public Hearing Date Set

Journalist:
Paul Carrozzo @USDBTC
January 10, 2014

New York State Department of Financial Services will hold a two-day public hearing pertaining to  the regulation of virtual currencies on January 28th and 29th.  Considering the popularity of the technology and merits over any other transfer of wealth method, the Empire State is looking to lead the world into proper regulation.

This is big information for the group that founded the Bitcoin Center in NYC:

When the term “regulation” is thrown around, it falsely is considered a bad thing for the participants of virtual currencies.  Proper regulation is the overarching solution to bring Bitcoin to main street and shake the unfortunate stigma of being the “dark world” currency.  May I remind everyone that we have a clear precedent, the internet.  The governments of the world have done a fantastic job managing the regulation of the internet and I expect similar treatment for virtual currencies.

From MarketWatch:

“NEW YORK (MarketWatch) — The New York State Department of Financial Services said Friday it will hold a two-day public hearing on virtual-currency regulation beginning Jan. 28 in New York. The hearing will cover a potential license for virtual currencies such as bitcoin, termed a “BitLicense.” The issue of how to regulate virtual currencies has become of interest to governments across the world as bitcoin’s price has surged from $13 to above $1,000 in the last year, with major investments flowing into some bitcoin-related companies. The regulator announced the potential license in November and issued subpoenas to several bitcoin-related companies in August.”

More detailed information from Business Insider:

“SUPERINTENDENT LAWSKY ISSUES NOTICE OF INTENT TO HOLD PUBLIC HEARING REGARDING VIRTUAL CURRENCIES ON JANUARY 28 AND 29 IN NEW YORK CITY

Benjamin M. Lawsky, Superintendent of Financial Services, today issued a notice that the New York State Department of Financial Services (NYDFS) will hold a public hearing on the regulation of virtual currencies on January 28 and 29 in New York City.

In August 2013, NYDFS announced that it had launched an inquiry into the appropriate regulatory guidelines for virtual currencies. As part of an ongoing fact-finding effort informing that inquiry, NYDFS subsequently announced its intention to hold a public hearing on this issue, including the potential NYDFS issuance of a ‘BitLicense’ specific to virtual currencies.

The hearing is open to the press and public, however, space is limited. Members of the media and public interested in attending the hearing should RSVP no later than January 27 at 2:00 PM to Caitlin.Ferrell@dfs.ny.gov.

Additional details on the hearing, including witness lists and the timing of specific panels, will be announced in the near future. The witnesses providing testimony at the hearing are expected to include a broad cross-section of industry participants, investors, academics, and other individuals involved in the virtual currency industry.

Logistical Details

Time:               Tuesday, January 28 (Expected Start Time: 10:00 AM)
Wednesday, January 29 (Expected Start Time: 10:00 AM)

Location:       90 Church Street
4th Floor Board Room
New York, NY ”

Last modified (UTC): January 10, 2014 22:55

Paul Carrozzo @USDBTC

Digital currency will do to finance what the microscope did for science. The 2008 financial crisis undeniably created an environment for digital currency to be born. These new currencies offer us a better commerce solution and establish markets never before possible. Merchant acceptance is vital to overall success of the new paradigm. My goal is educate about the merits of this life changing technology.