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Lawsuit to Abolish BitLicense Moving to Highest NY Court - Bitcoinist.com

Theo Chino and his attorney Pierre Ciric have been trying to eliminate BitLicense almost since its enactment. Now they are pushing their case to The New York Court of Appeals, which is the highest court in the state of New York.

BitLicense Is Onerous and Too Intrusive

BitLicense was the first comprehensive virtual currency regulatory framework enacted in the United States. The New York Department of Financial Services (NYDFS) issued this regulatory framework. It requires that businesses transacting with virtual currencies must be licensed to operate with New York customers (retail or institutional) or otherwise operate in New York state.

Let’s fight the #bitcoin #bitlicense all the way to @Scotus … I am ready to do it but we need to do it together ! Please donate generously bitcoin:32TkdtErKNZKcccNcFynRRCG6WAoY1ofj9 so @PierreCiric can continue doing it – https://t.co/xjvvzaa4HX pic.twitter.com/ecofLmuDeJ — Theo Chino (@TheoBitcoin) February 28, 2018

Expressly, companies and individuals are prohibited from engaging in activities involving cryptocurrencies in New York or serving New York State residents without a BitLicense.

According to NYSDFS, BitLicense is a reasonable response to risks posed by the rise of Bitcoin and other cryptocurrencies. According to NYSDFS, “BitLicense provides key consumer protection, anti-money laundering, cybersecurity rules to help safeguard customer funds and root out illicit activity.”

However, for many, this controversial regulatory framework is an overreach. Opponents deem it onerous and too intrusive. An article published on the Fordham Journal Of Corporate & Financial Law explains,

“The BitLicense requires that records be kept for up to seven years of every cryptocurrency transaction carried out by a company. Sensitive information, such as the physical addresses, bank statements, and names of customers who are parties to that transaction, must also be recorded and be made avai...
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