Fred Wilson is a VC and principal of Union Square Ventures. USV invests in bitcoin companies, but not the currency itself. Fred is interested in bitcoin because he believes it can be and possibly will be the financial and transactional protocol for the global Internet.
Here, he shares his thoughts on New York State’s revised Bitlicense regulations.
Over the past year, the New York State Department of Financial Services (NYDFS), led by Superintendent Benjamin Lawsky, has been attempting to create a set of regulations for virtual currency services. They called this set of regulations the ‘Bitlicense’.
I have been following this issue closely and participated in public testimony before the NYDFS back in January 2014 that was a precursor to creating these new regulations.
While these regulations will only apply to businesses operating in New York State, they will naturally be a precedent for many other states who seek to regulate virtual currency services and as such, we should consider them a potential framework for all state regulation of virtual currency.
The initial proposed Bitlicense regulations were published last year and were subject to a comment period which produced more than 3,700 total comments. The NYDFS