Bitcoin Regulator Benjamin Lawsky to Resign from NYDFS

Of Wolves and Weasels - Day 191 - Barking Mad

Hey all! GoodShibe here!
I'm technically still on vacation, but in light of the news out of New York... I feel the need to comment.
If you're not aware of what's going on, the New York State Department of Financial Services is proposing a new regulatory framework for how all Cryptocurrencies work for the residents of New York State.
However, the way that it's worded, the way that it's been presented, it's incredibly vague in some areas while being incredibly strict in others.
They're designed to take 'untraceable digital cash' and, at pretty much every point along the chain, put someone's face and name to who had what and when.
This, of course, weakens Cryptos immediately in compared to, well, cold, hard cash -- which is largely untraceable. This bill, as it has been designed, seems to try and have a massive chilling effect on cryptocurrencies in general.
You can use cryptos, sure, but by the time they're done with them... why would you want to?
You can read the proposed Regulations here.
AmericanBitcoin has put together a TL;DR of the proposed reglations
goldcakes has put together a TL;DR of some of the ramifications
If you'd like to see a quick breakdown of exactly what's wrong with the proposal, I highly recommend you read this comment by MrMadden over in /Bitcoin, which is utterly fantastic.
dalovindj also has a great post on how this would effect our fellow Shibes.
Here's the thing: We always knew that this was going to be a problem. The idea that somehow the old, established system would just roll over and let the next generation step up to the plate without a fight is laughable.
And now we've seen the first volley. The warning shot off the port bow, so to speak.
The regulations that are coming out are, well, typical government overreach designed, specifically, to elicit the reaction that they are. They're big and scary and over-reaching.
But they're also designed so that, IF there's a public outcry, at a large enough scale, they can 'pull back' the more offensive over-steps and still come out of this with the regulation that they REALLY want.
If nobody stands up to complain or fight back about it... then bonus for them. The city of New York then gets global over-reach on a massive scale all under the guise of 'protecting it's citizens'.
Incidentally, if you hadn't noticed, Canada set the wheels in motion recently, with the first 'Bitcoin Law' which caused quite an uproar (remember when DogeDice closed down rather than meet the Canadian Government's new regulations?).
Here's the thing - and it's a truth that's as immutable as time itself:
Governments are going to Govern.
They will always move to exact as much power as we let them have over any new or emerging technology, especially where money is involved.
So... what can we do about it?
For those who don't live in the US, the best thing you can do is learn about this regulation - because, whether you like it or not, the Government of the State of New York is making it your business. Because anyone who does business with residents of the State of New York will have to submit to these regulations as well.
Meaning that if you do business with a business that does business with the state of New York, you will be subject to those same overreaches.
The long and short of the problem is this:
You have 45 days, starting on July 23rd, once the Regulations are formally published, to make a case to the people of New York that, whether they realize it or not, this bill is trampling their rights.
Because, that's how you defeat this issue.
We need to get NEW YORKERS to care about this issue.
If you're not in New York, your job is now to find a way to help make New Yorkers care about this issue.
I don't care which banner your coin flies - Bitcoin, Litecoin, Dogecoin, Reddcoin, Potcoin... this is effects us all and it's only just getting started.
How will this bill effect them? It might not, directly, lots of people aren't using cryptos yet. But it's the first step in something larger.
If this goes through unchallenged, then I foresee a whole new legal arms race to 'protect' ones citizens from, well, anything they like.
Because this is '... but think of the children!' for a whole new era.
This is classic government overreach.
If you're living in New York, you need to get in touch with your local representatives and let them know, unequivocally, that this is a voting issue for you.
That you will be watching to find out if they support this bill, and that if they do, you will be voting for the other guy.
The best way to deal with this problem is not to 'get angry'.
It's to 'get angry and get to work'.
Forget waiting for the Lobbyists and their big money to tell you how it's going to be.
If you want cryptos to survive - and this legislation, as stated, would make illegal having a QT wallet/node running on your computer - then -- every crypto-user on this planet -- is now a Lobbyist.
And, for my fellow Shibes, if there's one thing that /Dogecoin has proven good at, it's in getting the word out there.
We're smart, we're media savvy - we know how to get attention!
So, let's get organized.
Bring everyone on board - every coin, every crypto-user in every corner of the world.
Let's get active.
Because we've still got time to fight this.
Together!
It's 8:50AM EST and we've found 87.62% of our initial 100 Billion DOGEs -- only 12.38% remains until our period of Hyper-inflation ends! Our Global Hashrate is up from ~44 to ~46 Gigahashes per second and our Difficulty is up from ~641 to ~815.
As always, I appreciate your support!
GoodShibe
EDIT: I've created this brainstorming thread to try and help get ideas moving. Come join me!
EDIT 2: I've also started this post to ask for the community's permission/support to reach out to /bitcoin and other communities to try and organize a crypto-wide response to these regulations.
submitted by GoodShibe to dogecoin [link] [comments]

Bitcoin 2017 a Comprehensive Timeline

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submitted by BitcoinChronicler to btc [link] [comments]

Major Cryptocurrency Scam in Canada  RT News The Bitcoin Group #55 - Silk Road 2.0 Shutdown - Crypto Equity Crackdown - Lawsky Keynote Future Money Regulation's with NYS top financial regulator Bejamin M. Lawsky Ben Lawsky releases BitLicense at the BITS Emerging Payments Forum (full video) Bitcoin and the NY Bitlicence proposed regulations

Ben Lawsky, Superintendent of the New York State Department of Financial Services, spoke with Bloomberg TV's Trish Regan today on the future of Bitcoin and virtual currencies on the internet and the ability of law enforcement to ... If the regulation system works well, this regulation would be implemented across other states as well. Ben Lawsky,… Bitcoin Moving Closer to Legitimacy with another Milestone. Bitcoin News, Regulation May 19, 2015. This comes as good news to all the tech and digital currency enthusiasts that Bitcoin has achieved yet another milestone inching it closer to legitimacy. On last Monday May 18th ... The Department of Financial Services superintendent, Benjamin Lawsky, who has been leading the charge in an effort to regulate bitcoin, is reportedly considering resigning from his position in early 2015. Benjamin Lawsky is perhaps the most powerful person in New York State to be pushing regulation on the bitcoin community. Many are curious as to […] On Bitcoin regulations he would like to see put in place, Ben Lawsky said: “We’d like to see consumer protection. So when people entrust their money to a bitcoin wallet or a bitcoin exchange or another service, that we don’t have a situation like we had in Japan last year with Mt. Gox…We want to see sufficient cyber security to prevent terrible hacking, and we want to see enough ... Department of Financial Services superintendent Ben Lawsky sketched the first outlines of his plans to regulate Bitcoin and other digital currencies at a forum in Washington, D.C. on Tuesday ...

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Major Cryptocurrency Scam in Canada RT News

excerpts from superintendent lawsky’s remarks on virtual currency and bitcoin regulation in new york city Superintendent of Financial Services for New York, Ben Lawsky, has issued his proposed regulations for a Bitlicence governing Bitcoin businesses. I've warned people repeatedly about the fact that ... Arnold Schwarzenegger This Speech Broke The Internet AND Most Inspiring Speech- It Changed My Life. - Duration: 14:58. Alpha Leaders Productions Recommended for you WeAreChange Address: 12HdLgeeuA87t2JU8m4tbRo247Yj5u2TVP Luke Rudkowski interviews Ben Lawsky at Tuesday New York State regulatory hearing about the future of... Cryptocurrency 24 hours 24/7 news #news #Cryptocurrency #Bitcoin #cinadean #invest #247Crypto follow me on Instagram! @cinadean1 Like and Follow our facebook...

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