As Requested, I’m Ben Lawsky, Superintendent of the NY Dept of Financial Services, Here for an AMA on Bitcoin/Virtual Currency
Hi Reddit – I’m Ben Lawsky, Superintendent of Financial Services for the State of New York. Thanks to those of you who requested that I do an AMA on the work our agency – the New York State Department of Financial Services (NYDFS) – is doing on oversight rules for virtual currency firms. We'll get started around 12:30pm EST. PROOF:https://twitter.com/BenLawsky/status/436544922892906496 We’re still in the process of formulating our views on a number of these issues – given that this is an ongoing regulatory process. So I may not be able to provide final or definitive answers to all of the questions you ask. But I’ll do my best to try and provide a window into some of our thinking at this stage. (I may even ask a few questions of my own during the course of the conversation, if that’s okay.) We’re trying to proceed without any prejudgments and solicit a broad range of views on virtual currency. I’m looking forward to a substantive and informative discussion. As you’ve probably guessed, I’m new to Reddit. So apologies in advance if I violate any posting etiquette. I was also told not to mention something called “Rampart” – whatever that is For those of you interested in some background on our agency’s work in this area, NYDFS has been conducting an inquiry on the appropriate regulatory guidelines for virtual currency firms for the last seven months. As part of that inquiry, in January 2014, NYDFS held public hearings in New York City on virtual currency. More than 14,000 people from 117 countries tuned into those hearings online, which was not the usual turnout we get! http://www.dfs.ny.gov/insurance/hearing/vc_01282014_indx.htm https://twitter.com/BenLawsky/status/428965430842380288 Last week, we also laid out some of our initial thoughts on the path forward for regulators: http://www.dfs.ny.gov/about/speeches_testimony/sp140212.htm http://www.youtube.com/watch?v=zhIZd9b2-Qs Our expectation is that – during the course of 2014 – the information we’ve gathered in our fact-finding effort will allow us to put forward a proposed regulatory framework for virtual currency firms operating in New York. We want to move expeditiously because the sooner we provide some regulatory certainty, the better for the firms that want to know what the rules of the road are. At the same time, we recognize this is complicated stuff and we don’t want to go too fast, make a mistake, and create unintended consequences. Most of all, we want to get detailed feedback from all sides so we can make smart, modern, forward-looking decisions. Thanks to all of you for being here. UPDATE 2:22 PM EST Sorry I have to run (also -- AMA's are more tiring than I would have expected!). Thanks to all of you for the thoughtful questions and comments. And to those who tipped me Bitcoin, I doubt I'm allowed to accept but appreciate the thought! I'll try to come back and answer some additional questions later. I can't tell you how useful this is to our regulatory process. With that in mind, I'd like to pose a few questions to you if you'd like to answer them while I'm away from the computer: (1) What do you personally find as the most useful and/or important current application for virtual currency? (2) Where do you think virtual currency tech is headed in the medium term and long term. (3) Are there particular problems from a consumer perspective you've had in dealing with virtual currency firms that regulators should consider? EVENING UPDATE I circled back and answered a few more of your questions, but I have to head out for the evening. Thanks again for your thoughtful questions and feedback. EVENING UPDATE x2 I also recorded a short sign-off video to thank everyone here for their questions and comments http://www.youtube.com/watch?v=qRXVPq16n_c
Lawsky had bigger fish to fry, and Argentinian and French regulators should recognize that banks, not Bitcoin are by far the biggest perpetrators of terrorist financing, money laundering, and financial crime.
Bitcoin.com published a piece on the issue, which stated: “With this new consulting firm, the possibility of a cronyist and elitist Bitcoin economy in New York is much more likely to come to fruition. Essentially, Lawsky is providing the top firms with a direct link to the NYDFS. With his political connections and intimate knowledge of ... After 3,700 public comments, the proposed licensing for bitcoin-related firms has been slightly relaxed. Benjamin Lawsky, New York state superintendent of financial services, announced his new ... Lawsky: NYDFS unter Berücksichtigung von Übergangs-BitLizenz für kleine Startups 2020 - Bitcoin on air. Die New Yorker Abteilung für Finanzdienstleistungen (NYDFS) hat angekündigt, dass es erwägt, eine spezielle Art von Übergangs-BitLizenz zu erstellen, die auf die Bedürfnisse von kleinen Unternehmen und Startups zugeschnitten ist. Die Sondergenehmigung würde Bitcoin-Startups ... One major Asian economy besides China is set for growth this year—and its GDP just rose 2.6% Benjamin M. Lawsky, Chief Executive Officer of the The Lawsky Group, has over 20 years experience spanning every branch of government, at both the federal and state levels. Mr. Lawsky is also a Visiting Scholar at Stanford University’s Cyber Initiative, a cross-disciplinary and university-wide project aimed at addressing both the cyber vulnerabilities of today while also developing a ...
Ripple/XRP-Ben Lawsky And Bitcoin Dominance - YouTube
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