benjamin lawsky bitcoin

in New York State to be pushing regulation on the bitcoin community. Also read: nydfss Ben Lawsky Reveals Plans for Transitional BitLicense at #Money2020. As a decentralized currency not bound to any central bank or government and traded like digital cash, Bitcoin has historically attracted libertarians who have railed against the governments imposition into the arena. In an exclusive interview with CoinDesk, nydfs superintendent, benjamin M Lawsky opened up about the decision, emphasizing that he felt the extension both necessary and reasonable given his agencys need to ensure that the proposed laws, when enacted, have the desired consequences. Of all of Bitcoin's potential regulators, from the Securities and Exchange Commission to the Federal Reserve Bank to the Commodity Futures Trading Commission at the federal level to dozens of banking and financial bodies on the state level, Lawsky's office emerged as the most aggressive. This protean nature explains, in part, why the IRS categorized Bitcoin as property while FinCEN treated the technology like a traditional fiat currency. From the tech sector's point of view, it has been a welcome change to actions taken by the IRS and the SEC, which issued guidelines governing virtual currencies with little input from industry players. Perhaps the most interesting resignation is that of Benjamin Lawsky. Lawsky told CoinDesk that the aim of the agency is to put forward the best regulation possible, adding that while the agency wants to move quickly to put in place policies, it doesnt want to do so at the risk of getting crucial elements wrong. Nor was he willing to hear what Bitcoin operators had to say during his office's initial probe into the technology.

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Click here to sign. As it is, government officials have traditionally struggled to keep up with fast-paced technologies. Cnbc, made him a pariah among Bitcoin's backers while crowning him as the technology's most outspoken regulator at the time a title he has yet to concede. For example, he noted that the nydfs does not intended to seek approval for every piece of code created by these companies, though he acknowledges that the original wording may have suggested such an interpretation. Unintended consequences, specifically, Lawsky suggested that he was surprised that the digital currency industrys software providers had implied that the law was meant to govern their actions. JPMorgan Chase, cEO, jamie Dimon, Lawsky's positive comments about a technology that others within the financial establishment found unstable and pedestrian provided an added boost to Bitcoin.