Will New York Become More Crypto Friendly?
Earlier today, the New York Department of Financial Services (NYDFS) took part in a webinar hosted by Global Digital Finance. In the webinar many different topics related to virtual currencies, fintech, and even Covid-19 were discussed.
In a Q&A panel with the NYDFS Superintendent, Linda Lacewell revealed that the notoriously stern NYDFS may be changing its tone.
One of the attendees managed to ask Lacewell what her approach for the Bitlicense and how it is going to change. Her response was a bit surprising.
"We want innovators across the board to come to NY. #NewYork is the capital of finance and #Innovation, & we want innovators right here in #NY which has been a place of invention and ingenuity." - #NYDFS Supt. @LindaLacewell (3/3)â NYDFS (@NYDFS) July 14, 2020
Lacewell later spoke regarding other hot topics such as the murder of George Floyd, Covid-19, and other issues. The webinar concluded with Lacewell discussing how the State of New York embraces innovators and innovation.
Why Does the Bitlicence Matter to Cryptocurrencies?
With a population of roughly 8.3 million, the State of New York is one of the most populated states in the US. In addition to that, it is the financial hub of the United States and possibly the world with many financial firms around Wall Street.
Despite that, the regulators have been very harsh with Bitcoin, cryptocurrencies, and nearly anything blockchain related. Since 2015, every cryptocurrency-centered business is required to possess a Bitlicense in order to operate legally. Since 2015 only 11 Bitlicenses were granted to applicants.
Should the Bitlicense be issued more liberally it could hypothetically provide a big boost to cryptocurrencies. Perhaps it might divert institutional finance firm's attention to cryptocurrencies.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado