NYDFS Bitlicense Second Draft Released



After much anticipation, the New York Department of Financial Services have finally released the second draft of their proposed Bitlicense regulations. You can find the full document in PDF form here. Alternatively, an annotated version showing the changes between the new draft and the previous one can be found here.



We have compiled responses from throughout the community below:



CoinCenter: Our initial thoughts on New York’s revised BitLicense proposal

"The changes we see in this new BitLicense are encouraging. NYDFS is living up to its promise to take the unique and welfare-enhancing qualities of virtual currency technologies into account. Are there necessary changes remaining to be made? Yes, absolutely. But that’s what comment periods are for and we’re excited to engage yet again."



CoinDesk: Breaking Down New York's Latest BitLicense Revision

"Overall, the revised BitLicense displayed a willingness by the NYDFS to both respond to concerns from the digital currency and wider business community while largely leaving gray areas subject to its discretion and oversight."



WSJ: New BitLicense Draft Draws Half-Welcome from Bitcoin Reps

"Although some leading lights in digital currency land gave it a cautious welcome, it’s clear that many still worry Mr. Lawsky’s proposal could overly constrain innovation in this nascent industry."



Cardozo Law Professor Aaron Wright: The BitLicense Needs a Safe Harbor

"Without safe harbors, New York may find itself in grave trouble. The next generation of financial startups are being built now and will avoid the State, or block New York residents, unless the Bit License regulations provide greater clarity."