Bitcoin Advocates Back Petition for BitLicense Safe Harbor Provision

signature, pen

More than 70 digital currency industry businesses, executives and advocates are backing a petition that calls for the easing or eradication of allegedly onerous components of New York’s BitLicense proposal.

Submitted as part of a recently closed public comment period, the measure has so far garnered support from companies such as Coinbase, Blockstream, BitPay, Circle and Ripple Labs, as well as notable developers and venture capitalists.

Overall, the petition seeks to convey the argument that it is “unreasonable” for the New York State Department of Financial Services (NYDFS) to apply its provisions equally across the industry, arguing that creators of open-source protocols, micropayments providers, security intermediaries and smaller entrepreneurs should be excluded from certain coverage.

Penned by Coin Center’s Aaron Wright and Yale Law School’s Elizabeth Stark, the authors are still collecting signatures in an effort to galvanize attention around the issue.

Stark told CoinDesk:

“The goal here was to bring a substantial part of the community to one proposal as opposed to different proposals so that there’s strength in numbers.”

Stark and Wright were inspired to put together the proposal due to what Stark called their shared interest in Internet history and the belief that

Read more ... source: CoinDesk