Article Image
News Link • Bitcoin

Bitcoin and the NY Bitlicence proposed regulations

•, Bruce Fenton
Ben Lawsky of the New York Department of Financial Services NYDFS has proposed some very onerous and extreme regulations surrounding Bitcoin which amount to essentially a ban on ideas, technology, innovation and jobs in one of the hottest and fastest growing sectors of investment.

It is key to be honest about these proposed laws and regulations and ask what the moral authority and even legal authority of Ben Lawsky is in this new area.

Lawsky is unelected and has no mandate to overstep in this manner.

1 Comments in Response to

Comment by Ed Price
Entered on:

Look, if you want to bypass virtually ALL State regulation, here's how. Since we ALL have the right to contract, and since contract law supersedes ALL State law and probably ALL Federal law as well, simply contract ALL "sales" in such a way that they are not sales at all!

There might be any number of ways to do this, but one simple way is this:
1. You as a client/customer, make a trust with yourself becoming the trustee of the trust. Put your money into this trust by donation.
2. You as the business person, make a bunch of trusts with yourself becoming the trustee of all these the trusts. Donate all your products into the trusts, a single product to each trust.
3. Swap trustees and beneficiaries on the trusts.

Result? No Buy. No Sell. Not even a trade. And since it is all contractual, under contract law, no Government interference, by your right to contract.

Obviously, I am not telling you the details here, but, a simple, effective trust can be less than one page long, in 10 point Ariel font, and be effective for all aspects of this kind of non-transaction. You can make these trusts by the hundreds or by the thousands, or by the hundreds of thousands.

One guy who can tell you the best way to make these trusts is Eric Madsen of

Join us on our Social Networks:


Share this page with your friends on your favorite social network: