Press Contacts: Washington, DC, Llew Claasen, email@example.com
Washington, DC – July 14, 2017 – On July 14, 2017, Llew Claasen, the Executive Director of the Bitcoin Foundation, the world’s oldest and largest Bitcoin advocacy group, requested the National Conference of Commissioners on Uniform State Laws, in any other case often known as the Uniform Law Commission (“ULC”), to withdraw its proposed “Uniform Regulation of Virtual Currency Businesses Act.”
In a letter submitted to ULC, Claasen requested the ULC to desert the proposed statute as a result of its approval would discourage inclusive monetary innovation arising out of blockchain know-how and cryptocurrencies like Bitcoin. Furthermore, Claasen additionally argued that the proposed statute ought to be deserted as a result of states have already got vital disagreements and approaches as to tips on how to classify or regulate Bitcoin, and since the proposed statute is topic to vital authorized uncertainty resulting from the present authorized problem towards the New York “BitLicense” earlier than New York courts.
“Adopting a mannequin act with the traits of the New York regulation is certain to threaten the existence of the fintech business nationwide. Just as the fintech business’s use of cryptocurrency was stifled in New York, it’s extremely doubtless that this proposed mannequin act may have an identical destructive impression throughout each state adopting this strategy. These revolutionary companies will migrate to extra welcoming jurisdictions and weaken America’s means to compete in the rising subject of fintech,” Said Claasen.
In 2015, NYDFS promulgated its controversial “Virtual Currency” regulation (Part 200 of Chapter 1 of Title 23 of the New York Codes, Rules and Regulations), also referred to as BitLicense, aimed toward regulating Bitcoin and different cryptocurrency companies in New York. In October 2015, a small enterprise proprietor, Theo Chino, filed an motion in New York State Supreme Court towards NYDFS arguing that the company exceeded its regulatory mandate, and that regulating Bitcoin lies with the legislature, not NYDFS. The case is Chino vs. NY Dept. Financial Services (“NYDFS”) (Index No. 0101880-2015).
For extra info on the letter to the ULC, go to:
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SOURCE: Bitcoin Foundation – Read complete story here.