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In an exclusive interview with CoinDesk, nydfs superintendent, benjamin M Lawsky opened up about the decision, emphasizing that he felt the extension both necessary and reasonable given his agencys need to ensure that the proposed laws, when enacted, have the desired consequences. He concluded his post by asking the Reddit bitcoin community some questions such as, what users personally found as the most important application for virtual currency, and where they thought the market was headed in the long term. You may email him at, or follow him on twitter @twobitidiot. He believes that by proper regulation, the benefits of Bitcoin will not be stifled. Ben Lawsky zealously followed and supported Bitcoin regulation in New York, even when the Bitcoin community spoke out in opposition. He knows that there are local ramifications to his departments ultimate regulations, but more importantly, he knows that BitLicenses will set the standard nationally when it comes to reforming our antiquated money transmitter laws. That bold approach has won him respect, but also resentment from other federal regulators, according to an in-depth piece on Lawsky by, village Voice contributor Anna Merlan. Speaking to reporters Lawsky said, Weve had several applications, I wouldnt say theyre on hold but theyre being worked on, on a parallel path to moving the regs.
For most career political figures like Lawsky, relatively meager salaries are a small price to pay in order to move up the executive ranks. Ever since Benjamin Lawsky, former superintendent of the New York Department of Financial Services (nydfs and the man behind the BitLicense, departed from his job and founded a virtual currency compliance consultancy firm, he has faced accusations of creating a conflict of interest. Money laundering is the facilitation of all kinds of horrific crimes that I think everyone in this room never wants to see happening. He confirmed the nydfs aims to put out a revised proposal by the end of October, and that following any material changes in the law, an additional 30-day comment period would allow the industry more time to influence the final rules. It is good to hear that action is being taken to make Bitcoin more accessible in New York; however, regulations in general might be a drawback. Michael Greenberger, a former regulator with the federal Commodity Futures Trading Commission, claimed that Lawsky was making the federal government look like they dont know what theyre doing. . He has all the markings of a man with much larger political ambitions. Then, look at his opportunity with Bitcoin. There is no doubt about the fact Lawsky started a virtual currency regulation consultancy firm soon after working as the architect of the first comprehensive body of Bitcoin regulation.
Lawsky caught flak during benjamin lawsky bitcoin the BitLicense hearings for supposedly prioritizing money laundering restrictions over promotion of new economic development with bitcoin, but the caricatures of his willingness to squelch 1,000 flowers in order to completely eliminate narco-trafficking were simply not true. Though the accusations are not new, they came to mainstream media for the first time when Marc Hochstein, editor-in-chief of the American Banker, asked Lawsky about the possible conflict of interest in his issuing regulations governing Bitcoin on June 3, 2015. SecondMarket Holdings, a company that is proposing a Bitcoin exchange in America. Look at his potential as a political figure. Narco-trafficking being one, but acts of terrorism, funding rogue nations, etc. He will also double-back to his Reddit post to answer updated questions and concerns. Lawksy has embraced the role, posting a solid record that includes a 340m settlement with Standard Chartered and Deloitte, related to money laundering operations with Iran. New York City regulator and superintendent of financial services. Thus, there will still be ambiguity regarding conflict of interest when Lawskys firm offers services in the same area that he built regulation for just a few months ago on behalf of the government. The nydfs is a recent construct a 2011 combination of the New York State Banking and Insurance Departments. Furthermore, since his new firm provides consultancy on virtual currency in regulations in New York, the natural question is: did Lawsky use his position in the nydfs to set himself up for private sector success? The nydfs conducts inquiries to decide which regulations and guidelines digital currencies will abide. For instance, he clarified that the law is intended to relate only to financial intermediaries and financial service providers, not software providers as widely interpreted.
In public choice theory, this phenomenon is known as regulatory capture, where private firms use their resources to influence the government in their favor. An AMA is an uncommon role taken in ones life, and requires proof to be included within the posts text. Let us know in the comments below! Lawsky told Reuters, Its on the one hand a setback, on the other hand it will cause further improvements in this industry and some more regulatory involvement. Lawsky concluded: If we get that right, I think the outlook for virtual currencies in one form or another is quite bright in New York, but well have to take it one day at a time. What do you think about Lawskys decision to open a private consulting firm for New Yorks digital currency businesses? Also, Lawsky said that the coins volatility seems to be a factor in banks hesitation to accept a new form of currency. Responding to Hochstein, Lawsky said that he would not allowed to do any work before the department for two years, including behind-the-scenes work. Unless the regulations, as Lawsky said, do not stifle Bitcoins innovative features, having rules set for Bitcoin could work out. .
For example, Circle, cEO. His opinions do not necessarily reflect those of CoinDesk. Indeed, Lawskys department levied a 250m fine on the Bank of Tokyo-Mitsubishi for money laundering just months after the Treasury Department had extracted a paltry.5m settlement in its own case. A brief look at Ben Lawskys background paints a fairly clear picture: He is no enemy. Hearings were conducted this past January, and over 14,000 people from 117 different benjamin lawsky bitcoin countries tuned into the 2-day hearings online.
Look at Ben Lawskys background. Love Actually 25 times. Lawsky has earned that respect through his measured words and cautious actions towards bitcoin to date, and many are rooting for him to ultimately take a light-handed approach towards regulation of the cryptocurrency. All take place through massive money laundering The choice for the regulators is: permit money laundering on the one hand, or permit innovation on the other, and were always going to choose squelching the money laundering first. Instead, both have been public prosecutors and public-sector employees since they graduated, forgoing the high-paying private sector jobs that were surely available to them. Lawsky, took to, reddit to introduce himself to the bitcoin community. Bitcoin has yet to establish a leveled value. Bitcoin is Lawskys political trump card.