Arguably the most recurring theme in 2014, the New York based regulatory framework ‘BitLicense’ has certainly been the most anticipated and highlighting development in Bitcoin sphere. From the initial stages of heavy criticism by the Bitcoin community to regulators giving a second thought to innovation, it has been quite a ride. For now, as we enter the first quarter of 2015, it seems that the day of final BitLicense proposal is getting closer.
In a recent interview with Charlie Herman, the host of WNYC’s Money Talking, NYDFS Superintendent Benjamin Lawsky talks about his plans to issue the final rules for a Bitlicense. After announcing the latest revisions to the draft BitLicense two weeks ago on Dec 19 in Washington, DC, the next step here is that they will release the full text of the revision in the coming days. Following the release, there will be another thirty day comment period for the public. Only then we’d see a final version of Bitlicense. An ETA for this would be somewhere late Q1 2015, according to Ben Lawsky.
Lawksy points out that this is how New York regulatory process works and there’s no way to avoid this. Due to the influence of New York as being the financial center of the world, they want to make sure they create solid and consistent regulations without stifling innovation. When asked by the interviewer if the NYDFS is afraid of getting this wrong, he responded that they have given a lot of thought into this and adamantly discards the possibility of a failure.
Somewhere during the end of the radio interview, Ben Lawksy talks about a call he received from a major regulator in Washington and how the state regulators there are looking at digital currencies from a different angle. He further dwells on the topic by pointing out the regulatory landscape on a national scale within United States. Despite the importance of New York as the financial hub, Ben Lawsky believes the technology of Bitcoin requires different regulations for different societies. In a very likely scenario of widespread adoption, New York would like to serve as an example, he adds.
You can hear the full interview or download it by clicking here.