The Bitcoin Foundation Asks for 45 Additional Days to Provide Feedback on Proposed Bitcoin Regulations

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Abraham Lincoln Statue detail at Lincoln Memorial - Washington DThe Bitcoin Foundation wants to take its time before it gives any feedback on the proposed Bitcoin regulations proposed by Benjamin M. Lawsky, New York State’s superintendent of financial services. In pursuance to the task, the organization sent a letter to Mr Lawsky and asked for additional 45 days before it can send any feedback on the proposal.

The organization said that it sent the letter to Mr Lawsky and asked for up to six months to provide feedback on the proposed regulations, and a minimum of 45 additional days. The time is being taken to address the concerns raised by some Bitcoin supporters that New York’s proposed rules will affect virtual currency companies operating in the state.

The Bitcoin supporters also raised the issue that the proposed regulations would also hurt businesses across the United States and the globe. To cull any attempts to thwart Bitcoin, a large number of biggies in Bitcoin trying to pressure on New York State’s top financial regulator to extend the comment period for the state’s new virtual currency rules.

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The letter from the Bitcoin Foundation says that with some important, sophisticated exceptions, the Bitcoin community is not well-versed in New York financial services law or regulation and it takes time to gather the meanings of legal terms of art and to compare them with emerging technologies, processes and business models in the Bitcoin world.

Resist the Constraints of Administrative Procedures Developed in the Era of Postage Stamps

The Bitcoin Foundation has requested the Department of Financial Services in the letter to adopt an iterative process in which the department would issue multiple drafts of the legislation and take comments from interested parties. The request has also been made to resist the constraints of administrative procedures developed in the era of postage stamps.

The letter in the spirit of the natural justice wherein focus is on giving ample opportunity for the foundation to present its side of the defense and for that the Department of Financial Services has been requested a hearing to discuss the regulations.

Jim Harper, global policy counsel at the Bitcoin Foundation says that the Bitcoin community is not used to being a heavily regulated industry and Bitcoin supporters may feel unable to comment on the proposed regulations because the language doesn’t tell what the goal is.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com