Comments on: New York’s financial regulator releases a draft of ‘BitLicense’ for Bitcoin businesses. Here are my initial thoughts. https://techliberation.com/2014/07/17/new-yorks-financial-regulator-releases-a-draft-of-bitlicense-for-bitcoin-businesses-here-are-my-initial-thoughts/ Keeping politicians' hands off the Net & everything else related to technology Thu, 17 Jul 2014 22:01:00 +0000 hourly 1 By: Chris Camp https://techliberation.com/2014/07/17/new-yorks-financial-regulator-releases-a-draft-of-bitlicense-for-bitcoin-businesses-here-are-my-initial-thoughts/comment-page-1/#comment-124985 Thu, 17 Jul 2014 22:01:00 +0000 http://techliberation.com/?p=74664#comment-124985 I applaud Lawsky for tackling this, he’s clearly a fan of blockchain tech, basically defending bitcoin on today’s CNBC interview. But there are some issues with this initial draft. I agree with your assessment, those three represent real challenges.

I do wonder how well blockchain-tech will fit within traditional regulatory schemes, if there may be certain core features of bitcoin that can’t be maintained under any imaginable regulatory scheme that would be acceptable to the US or any western country. Take the first issue you raise, short of a panoptical international regulatory/surveillance scheme there will be leakage of bitcoin to unidentified bitcoin addresses.

I’m a little reticent to commit to the idea that bitcoin is wholly antithetical to regulation, I remember the rhetoric from the early days of the internet, Barlow’s “you have no sovereignty where we gather…” And the internet was tamed, Post-Snowden the internet felt defeated even, but it’s not yet clear how the blockchain can be contained and our traditional freedoms maintained. It’ll be fun to watch.

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By: Alex https://techliberation.com/2014/07/17/new-yorks-financial-regulator-releases-a-draft-of-bitlicense-for-bitcoin-businesses-here-are-my-initial-thoughts/comment-page-1/#comment-124984 Thu, 17 Jul 2014 19:18:00 +0000 http://techliberation.com/?p=74664#comment-124984 The one good thing is that this is just a DRAFT for the new rules, and that Mr. Lawsky is open to discussion. This is a key point in the history of cryptocurrencies, and it will be worth every effort to help the regulators get it right. The current state of this draft is insane.

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