Chris Grundy is a self-confessed bitcoin obsessive and avid tech fan. He works for bitcoin lending platform Bitbond and has written for a variety of online publications. In this article, he speaks to a number of European bitcoin companies about why the future of cryptocurrency and blockchain technology could lie in their home continent, not the US.
Innovation is the primary distinction between leaders and followers. It represents disruption and a challenge to our way of life.
Bitcoin is an important innovation, and it needs progressive legislation to unlock its full potential. Clear and progressive legislative guidance will give aspiring bitcoin entrepreneurs the confidence they need to find new use cases and bring bitcoin to the masses.
Despite this, bitcoin regulation in the US remains unfriendly.
Action in the US
Released in April, the deadline for BitLicence applications passed on 8th August 2015. The result has been 22 applications (confirmed so far) and 15 bitcoin companies ceasing their operations in New York State. Poloniex, BitFinex and Kraken are just some of the important players that have left, with BTC Guid deciding to shut down completely.
Only a few hours drive away, Connecticut has passed questionable bitcoin legislation, giving individual state regulators the ability to deny or accept applications for a money transmission licence by an otherwise qualified applicant, if digital currencies are involved.
Additionally, in March 2014, the Texas State Securities Board served a cease and desist letter to Balanced Energy LLC, an oil and gas exploration company. The company’s acceptance of bitcoin as payment method was regarded as such a risk to investors, that it was shut
Originally appeared at: http://www.coindesk.com/why-the-future-of-bitcoin-lies-in-europe/