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What You Need to Know About the New Crypto Regulations w/ Erik Voorhees
Stacks
New York Bit License - What's the Big Deal?
The New York Bit license, which came out in 2014 ish. It was a proposal put forward by the New York Department of Financial Services under this guy named Ben Loskey. He wanted to regulate crypto under a certain license. So there'd be a special New York state license that any crypto company would have to apply for. And he saw this as like, what's the big deal? You know, you just get licensed like any other financial institution. Like imagine a startup that needs to pivot for whatever reason. Now it needs to submit a proposal to the New York Dept. of Financial Service to see if they will allow it and under circumstances to change its model. That's incompatible with
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