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Bitcoin Evangelists Are Furious About New York's Proposed New Digital Currency Rules

• Business Insider

The more well-capitalized Bitcoin players, like SecondMarket's Barry Silbert and the Winklevoss twins, have embraced the proposal, saying it provides clarity for how they should be conducting their businesses. All three gave statements at DFS' hearings on the new licenses in January.

But other Bitcoin evangelists hate the draft policies. Ryan Selkis, who blogs about Bitcoin at The Two-Bit Idiot, told BI in an email the proposed requirements would bring onerous new compliance costs on smaller firms. "It's almost hard to believe that the NYSDFS sought to strike an appropriate balance with this initial proposal because these prescriptions seem neither measured or balanced," he said in an email. The rules would also hamper transaction liquidity, and contended that they restrict businesses from investing their earnings in virtual currencies. 

Others are concerned the rules will stamp out privacy and strangle innovation.




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