Far from perfect. Poorly fitting. Superficial.
The comments were just some of the many that poured in today as members of the bitcoin and digital currency ecosystem gave their first impressions of the final version of the BitLicense, New York’s long-awaited regulatory framework for the industry introduced today.
While hardly surprising given the two-year debate over the measures, the comments point to the sharp disconnect between headlines touting the regulation as a milestone achievement and the reaction of those affected by its provisions.
Even if the BitLicense succeeds at “legitimizing” the industry, it’s clear that its participants were after something more – the chance for innovation in the sector to advance in a way they feel is more in line with the permissions given to past emerging technologies.
“They changed so little with this version, it’s laughable,” Yale Law School’s Elizabeth Stark told CoinDesk.
The author of a petition for the bill to include safe harbor provisions for early-stage startups, carve outs for micropayments and other such leniencies, Stark’s comments may have been expected, but they were far from solitary.