Uncategorized

Circle Issues Remarks on BitLicense AheadComment Period Deadline

Jayanand Sagar | October 20, 2014 | 3:22 pm
Uncategorized

Circle Issues Remarks on BitLicense AheadComment Period Deadline

Jayanand Sagar | October 20, 2014 | 3:22 pm

Circle is joining the ever-lengthening line of bitcoin companies to issue public comments on the New York Department of Financial Service’s (NYDFS) BitLicense proposal, it would seem.

The Boston-based company’s General Counsel/Chief Compliance Offer, John A. Beccia, submitted a lengthy twelve-page letter addressed to Dana. V. Syracuse at the NYDFS (of which you’ll find a copy below in PDF form).

The following is a small highlight list of the points demonstrated in the letter:

  1. The BitLicense “casts too wide a net” on regulated companies in the digital currency realm.
  2. AML requirements highlighted in the proposal are not practical and unnecessary.
  3. The NYDFS is “given too much discretion” over business choices.
  4. “There is some question over the need for the Proposed Rule and its applicability to digital currency firms.”
  5. The NYDFS should adopt a “principles-based approach” for companies that will be responsible for a BitLicense

There’s much more I haven’t highlighted, mostly because I’m still running through the letter. If you spot anything noteworthy, drop a comment down below.

Here’s the letter:

Circle Comment Letter – NYDFS

As mentioned, a number of other companies have also issued statements on the BitLicense, and the overwhelming response is that the proposal quite frankly still needs more work. And much of it.

The first public commenting period for the proposal expires tomorrow, on Tuesday, October 21st, after a 45-day extension was granted following community uproar.

NYDFS Superintendent Benjamin Lawsky noted recently that the Department is working on a second version of the proposal, in which a second commenting period will open.

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