MIT Calls Out ‘Critical Flaws’ in New York’s BitLicense

MIT, campus

MIT Digital Currency Initiative director Brian Forde has issued a new blog post in which he aims to draw attention to four “critical flaws” in the approach so far taken by the state of New York to regulate the digital currency industry.

Coming one month after his appointment to the position, the piece finds Forde seeking to voice the leading US university’s interest in bitcoin and the blockchain as technologies that could contribute to the global good. The DCI was announced in April following a year of additional grassroots efforts on campus.

Perhaps most notably, Forde contended that the regulation ultimately enacted by the New York State Department of Financial Services (NYDFS) should strive to help grow and mature the industry, rather than simply protecting consumers.

Forde wrote:

“If regulation is done right, it will increase investment in digital currency startups, create jobs and allow consumers to receive cutting-edge financial services of the future, faster and safer.”

Forde went on to argue that, as the first US state to craft a specific regulatory framework for the industry, New York’s BitLicense is among the most important regulations globally, influencing development both in the US and abroad.


Read more ... source: CoinDesk