Skip to main content

Should Lawsky’s Exit Hint Bad News for BitLicense?

Chris in Uncategorized published on 11, November 2014

Benjamin Lawsky

Rumor has it that the much-criticized BitLicense proposal will continue its journey without its chief architect.

Superintendent Benjamin Lawsky of the New York Department of Financial Services (NYDFS) is believed to be leaving office for a post in the private sector in early next year. According to reports, as part of a reshuffle of positions, other officers will be departing too.

However, Lawsky’s exit from NYDFS has several implications—positive and negative—on the ongoing battle over the controversial BitLicense regulation.

On one hand, Bitcoin enthusiasts may have a breath of fresh air as the primary advocate of the said regulation will be absent from further pushing the proposal. This may be seen as a weak point and an opportune time for the opposition to solidify its stand against BitLicense.

Bitcoin CasinoOn the other, his leaving is only a temporary sigh of relief or a band-aid solution (if it were even one).

While this news got others excited, some became even more worried as to how the story will unfold in the months to come.

Lawsky, despite his intention to regulate Bitcoin use in his state, has recently shown ample understanding of the cryptocurrency, a reason enough to give BitLicense some fuel to accelerate—although it remains questioned by critics—individuals and organizations—adept in Bitcoin, cryptocurrency, and the blockchain protocol.

The trouble now lies on who will be replacing Lawsky as superintendent and main proponent of the regulation.

Although he previously mentioned that the BitLicense proposal will likely reach the next stage before the year ends or by early 2015, bitcoiners expressed on social platforms their concern over the possibility of having in the picture a new character that may not even have an ounce of understanding of the concept of Bitcoin.

Whatever lies ahead for the digital currency in the state of New York will also affect several industries running on the blockchain not just in the US, but also in other countries.

As for the Bitcoin gambling market, whether or not with the absence of Lawsky, it continually hopes that further restrictions on Bitcoin businesses will not be conceived, so as to delimit the risky effects that may be placed on its still maturing business in the online gaming and Bitcoin casino industry.

 

Like this article? Place your comments below