The New York Department of Financial Services (NYDFS) posted a revised BitLicense proposal on February 25, 2015. The revised proposal reflected many steps in the right direction and addressed numerous concerns voiced by Xapo and the bitcoin industry as a whole.

Several of our colleagues expressed sentiments on this issue with which we agree. We encourage all stakeholders to review the viewpoints on the BitLicense proposal by Coinbase and Coin Center, each of whom has consistently provided thoughtful commentary on this topic.

Xapo participated with an industry group, including Coinbase, Circle, BitPay, CoinX, Bitreserve, Bitstamp, Bitnet and the Bitcoin Foundation, to provide coordinated feedback on certain key issues. The full text of our industry comment letter can be viewed here.

Xapo also submitted its own comment letter, echoing similar sentiments as the industry group and touching on some themes from our first letter. We also took the opportunity to introduce the bitcoin self-regulatory organization we have been building with the help of a specialist consulting group and members of our industry. The full text of Xapo’s comment letter can be viewed here.

We look forward to continuing to work with the NYDFS and the broader bitcoin community on these initiatives.