ForexMinute.com – New York Department of Financial Services (NYDFS) Superintendent Benjamin Lawsky is planning to resign from its chair next year, reported Bloomberg. The 44-year old bank regulator was earlier brought up by media for designing and backing a strict Bitcoin regulatory framework, known as BitLicense.
According to the current available reports, Lawsky is planning to take up a job in the private banking sector. Incidentally, he has been criticized earlier by the entire cryptocurrency community for presenting a rather unfair and poorly-researched regulatory law. Leading Bitcoin companies like BitPay and Circle also disapproved of the law in their official letter to NYDFS. Around the same time, Lawsky agreed to make some changes in the first draft of BitLicense by first excusing Bitcoin developers and miners from obtaining the license, and then adding small Bitcoin ventures to the list as well.
Lawsky was appointed in 2011 by Governor Andrew Cuomo to head the NYDFS. During his tenure as the firm’s superintendent, he gained popularity for legally intimidating Standard Chartered Plc over sanction violations. He further threatened to cancel their license if the company doesn’t provide a genuine reason for conducting problematic transactions. Lawsky, for a brief period, also suspended Paris-based BNP Paribas (BNP) operations in New York.
Impact of Lawsky’s Resignation on BitLicense
Bringing Bitcoin regulatory framework BitLicense to implementation is one of the last jobs Benjamin Lawsky will perform before his resignation. So indeed, there won’t be much changes in it until the man is gone to pursue his other dreams. He previously stated January 2015 to be the month when BitLicense will come into effect.
To contact the reporter of the story: Yashu Gola at email@example.com