Ben lawsky bitcoin news

benjamin lawsky

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Don Lawsky graced the plebes with a press conference last night and announced the final version of the long awaited Bitlicense. The final draft is same same but different.

The core requirements remain the same. Some ben lawsky bitcoin news the more ridiculous provisions were struck. The initial reaction by many was that the revised version is a necessary evil and slightly better than expected.

Those expecting a blockbuster announcement of a major financial institution that now will be accepting or trading Bitcoin were disappointed.

Bitcoiners need to realise that large financial institutions do not care about regulations. If it was profitable to trade and accept Bitcoin, they would already be doing it. Monetary historians will remember how and why the Eurodollar market originated in London. Ben lawsky bitcoin news free market exists in very few arenas.

Banking swung from a free for all, to a collection of heavily regulated legacy banks. There were interest rate ceilings and severe restrictions on the issuance of commercial paper and foreign exchange trading.

American banks who loved the regulations so much decided to issue dollar denominated debt without restrictions from London. Morgan Stanley was one of the most active players in the new space. By locating outside of the United States, eurodollars escape regulation by the Federal Reserve Board.

Everyone else followed and the global liquidity centre for FX and derivatives became London. To this ben lawsky bitcoin news London regulations on derivatives of all sorts are much lighter than American ones.

His whole team sat out of London, far away from the prying eyes of the coterie of ineffective paid-off American regulators. Most large financial institutions book and house derivatives on London banking chains. The Bitcoin community needs to wake up. Large financial institutions will get involved in Bitcoin when there is enough money in it for them. Hopefully that happens soon. Regulations are only meant to extract rent from certain industries, and trick a gullible public that their over paid government overloads actually care about their well being.

The lack of a price pop after the Bitlicense announcement is worrying. Don Lawsky is set to unveil the long awaited Bitlicense. Bitlicense will codify how virtual currency businesses are to conduct themselves vis-a-vis New York State residents. The first draft of the edict was released last summer. The reaction by many businesses and crypto enthusiasts was overwhelmingly negative. Businesses and individuals were allowed to submit their comments in hopes that Don Lawsky would take pity on his vassals.

The final version is expected to be released any day now. For some odd reason, many traders think that Bitlicense will create the conditions for a rally. Regulatory clarity is certainly a good thing for Bitcoin, but it is no secret what provisions and restrictions will be in Bitlicense.

Bitlicense will not make it easier or more difficult for people to obtain Bitcoin. Some also think Bitlicense is a good omen for an eventual launch of an ETF. The SEC is not going to suddenly approve a retail investment product ben lawsky bitcoin news Bitcoin just because one state has some rules for Bitcoin businesses.

Save your Hopium for Hilldogcause your going to need it. Any price rally attributed to Bitlicense should be sold into. Rise or fall, ben lawsky bitcoin news increase in volatility will make you money. I had to ben lawsky bitcoin news the article twice. I could not believe my eyes that an American regulator passed on the chance to extract rent from a new industry. Californian regulators have listened to prudence and decided to allow the industry to develop before it hammers it with unnecessary regulations.

Unfortunately Californian regulators are ben lawsky bitcoin news minority in the land of freedom. That will better ensure any regulatory regime California ultimately adopts works effectively for ben lawsky bitcoin news, businesses and the market.

Bitcoin startups should be fleeing New York state like the plague to other parts of America that aim to nurture innovation. But what remains for Don Lawsky after he leaves government office? Bloomberg has just reported that he will be opening a digital currency consulting agency. The year-old regulator plans to set up his own consulting firm in New York, advising financial institutions on matters related to technology, cybersecurity and virtual currency. Bitcoin has become just like ben lawsky bitcoin news other industry.

The former regulators will now for a fee make sure that you can navigate the assbackwards regulations that they themselves help create. For a fat fee Don Lawsky can bless you as a Bitcoin or crypto currency business.

VC firms can rejoice as their precious cash can now find a more direct route into the regulators pockets. Skip to content Don Lawsky graced the plebes with a press conference last night and announced the final version of the long awaited Bitlicense.