Coin Congress: Chamber of Digital Commerce Urges Industry To Submit Comments on New York’s Proposed BitLicense Regulations [Press Release]
The newly formed Chamber of Digital Commerce finds the New York Department of Financial Services (NYDFS) proposed BitLicense rules and regulations to be severely debilitating to the digital currency industry. Despite Ben Lawsky’s claims that these proposed regulations are intended to be guardrails to “protect consumers and root out illegal activity — without stifling beneficial innovation” these rules could potential crush the Bitcoin industry in New York and stifle jobs, investment, and innovation. The Digital Chamber agrees that we need guardrails in these areas, but these proposed regulations are onerous and in many cases simply misplaced, potentially seriously injuring legitimate applications of this valuable emerging area.
“One egregious aspect is that the NYDFS is only giving 45 days to comment, which is severely inadequate to proposed regulations of this scope” said Perianne Boring, President of the Digital Chamber.
The Digital Chamber is calling on the Bitcoin community to submit comments to the NYDFS. Instructions on how to submit comments can be found on the NYDFS website. Earlier this week the digital currency and digital asset communities came together to form the industry’s first trade association, the Chamber of Digital Commerce. Opening its doors this week in the nation’s capital and officially announced at the National Bitcoin Conference in Chicago, the “Digital Chamber” will promote among lawmakers, regulators, policy makers and the public the industry’s goals and its potential to innovate global finance for the benefit of society.