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NYS regulator Ben Lawsky reacts behind the scenes as he decides to extend the comment period on pending Bitcoin regulation for another 45 days.

00:00 - 00:03 The Pro-Bitcoin protesters have gathered in New York.

00:04 - 00:05 So far, they have shown up here...

00:05 - 00:07 here, and at Bitcoin Center NYC.

00:08 - 00:12 From what we can tell, they don't like bankers or bureaucrats.

00:12 - 00:15 They even said they can regulate themselves.

00:17 - 00:19 Call Andrew Cuomo.

00:19 - 00:21 Let's start out with our most unreasonable demands.

00:24 - 00:26 Glorious leader,

00:27 - 00:28 Cuomo...

00:31 - 00:33 Cuomo's got his own problems with his re-election,

00:34 - 00:36 so he's pretty much hanging you out to dry.

00:53 - 00:58 OK, anyone with litecoin, darkcoin, blackcoin, bluecoin, please leave now.

01:13 - 01:15 What is the problem with these Bitcoin people?

01:15 - 01:17 They don't want to track every transaction forever?

01:18 - 01:23 For a few more months after they've already sold them?

01:25 - 01:28 Don't they know the dogecoin they used at Starbucks

01:29 - 01:31 could be used a year later to buy pot brownies?

01:31 - 01:34 Why do they have a problem with turning all their profits

01:34 - 01:37 into US dollars, even if they're based in France?

01:37 - 01:40 That's just the price of dealing with New York!

01:40 - 01:42 Like hookers in Time Square? Or $20 an hour parking?

01:42 - 01:46 Oh, they call it $5 parking, but that's every 15 minutes. You have to read the fine print!

01:46 - 01:48 Sir, these crypto-anarchists, if we don't meet them halfway, they may go off the grid.

01:48 - 01:52 Yes, I know, and Charlie Shrem is showing up in robotic form at conferences.

01:53 - 01:54 But I am an all-powerful, unelected official!

01:56 - 01:57 Damn, that Bruce Fenton pegged me right.

01:57 - 02:00 Of course, I'm being unreasonable.

02:00 - 02:03 Of course, we're being unconstitutional,

02:04 - 02:08 but everyone will know my name when I run for the US Senate.

02:08 - 02:13 Give them 45 more days to stew in their megahashes.

02:14 - 02:16 Then we can start my fundraising with the banks,

02:17 - 02:21 the remittance companies, the credit card issuers, PayPal.

02:27 - 02:29 We didn't even get a chance to start regulating Bitcoin 2.0.

02:30 - 02:34 I'm too important for New York State.

02:34 - 02:36 I need to be in the US Senate to pass my proposals,

02:41 - 02:42 so that everyone in America has to carry a BitLicense,

02:43 - 02:47 and we can throw all the college kids in jail for forking dogecoin.

02:48 - 02:53 and then I can run for president in 2024.

02:54 - 02:56 I will truly be a Glorious Leader Who Descended from Heaven

02:56 - 02:59 I must save face here, even if most of these regulations

03:00 - 03:02 were copied off the back of a 1980's savings and loan manual.

03:04 - 03:07 It's okay, Elizabeth, we'll get the Foundation to draft a response.

03:14 - 03:16 My dreams of being King of All Currencies

03:19 - 03:23 are now in ashes. I'm not sure I can even stop people

03:25 - 03:26 from mining Cloakcoin in their bedrooms.

03:31 - 03:33 How will I be able to fundraise from these crazy new companies?

03:40 - 03:46 Names like ChangeTip, GoCoin, Kraken, Blockchain, Circle?

03:46 - 03:49 Maybe Morgan Stanley or Goldman will buy them all.