By Michael Krieger: Last week, I wrote a piece titled: New York Banking Regulator Benjamin Lawsky Thinks Mt. Gox Collapse Could Help Bitcoin.
In it, I speculated that Lawsky was positioning New York to emerge as a
primary global Bitcoin trading hub. While certain comments from Lawsky
in the past have rubbed me the wrong way, he seems to be taking a very
intelligent and overall rational approach to Bitcoin and
crypto-currencies in general. He is treating it as a technological
innovation that can help the world (as well as New York’s economy in
particular), something that will bear fruit by creating and nurturing a
dynamic start-up community.Today we learn from Bloomberg that:
New York financial regulators said they will immediately begin accepting applications to operate exchanges for Bitcoin and other digital currencies to help speed the development of rules for that market.
Benjamin Lawsky, the superintendent of financial services,
announced the move in a statement today, saying his office will propose a
set of rules for virtual-currency firms by the end of the second
quarter.The collapse of Mt. Gox, a Tokyo-based exchange for Bitcoin, the most popular digital currency, shows the need for “robust standards for consumer protection, cyber security and anti-money laundering compliance,” he said. “We will continue to proceed swiftly and thoughtfully to provide rules of the road for reputable virtual currency firms seeking to conduct business on-shore in a responsible manner.”
Phase 2 of Bitcoin continues…
Full article here.
In Liberty,
Michael Krieger
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