Freebanking.org is proud to have started, with the Chamber of Digital Commerce and other supporters, the ad hoc Fix BitLicense Coalition. Our petition can be found here (please take a minute to read and sign if you agree--and tell your friends!)
Here is the petition language:
Benjamin Lawsky, New York Superintendent of Financial Services
I am writing to ask that you withdraw the proposed BitLicense regulation. The development of online commerce and the related payment services is an important issue. While we applaud your pro-active attitude to create legal surety and guidance, this proposal creates more problems than it solves. I have concerns that the unintended consequences would
- undermine consumer financial privacy and negatively impact other consumer rights,
- inhibit new innovation and significantly raise business compliance costs,
- discourage savings,
- hurt New York businesses,
- harm the unbanked, and
- hinder rather than help the emerging online payments industry.
Please withdraw this proposal to allow the NYDFS more time to develop regulations that better address these concerns. Thank you for your attention to this important issue.
For right now, the regulations can be found here:
Ben Lawsky's Reddit interview here:
The Chamber of Digital Commerce has another petition here too:
My initial take is here (watch Larry White's video!):