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Bitlicense Should be Smashed, Candidate for New York Governor Urges

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Since the infamous Bitlicense was put into effect, the ecosystem has fought for its removal. It turns out to be much harder in practice than in theory to oust a law once it's put into effect. The good news is groups like Startup Cities are on the case. They've snagged a candidate for governor to champion their cause, and they're even holding a rally in mid July to help galvanize support for putting down a notoriously bad idea.

Gubernatorial Candidate Larry Sharpe Will Work to Get the Bitlicense Repealed

Three years later, almost to the date, will find New York City once again placed front and center within the cryptocurrency world. At issue is its regional Bitlicense, enacted and formerly attended to by the New York State Department of Financial Services (NYSDFS). While limited to residents of New York, it's probably not too wild of a statement to insist New York City is the defacto financial capital of the world. What it does usually means other regional professional finance laws are sure to follow.

Bitlicense Should be Smashed, Candidate for New York Governor Urges

Candidate Larry Sharpe would be the first pro-crypto Governor.

And the law is comprehensive, so vague it appears to cover every aspect of potential crypto movement: transmission, storing, holding, any kind of custodial arrangement, exchanges, etc., you name it, it's probably governed under the license. That a company or individual would need such permission has created a perhaps unintended consequential truism: at least a dozen bitcoin-related companies have left the state. Who knows how many potential businesses never even began due to this market entry barrier. It has been dubbed the "Great Bitcoin Exodus" by the New York Business Journal.

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