The Big Apple is not just the home of Wall Street anymore; it has also become a global hub of crypto and blockchain culture and is currently home to exchange platforms like Uniswap. (Via CointelegraphZN)
Spanos tells Magazine, “The NY DFS BitLicense was the death knell for crypto innovation in the entire state. It was the ultimate backroom deal cut in a smoke-filled room that allegedly protected consumers but actually harmed New Yorkers and restricted their free choice.” He adds, “If you do not have massive capital, you will not get off the ground.”
Some of those that pulled out of the state include exchanges Kraken, Poloniex, ShapeShift and Bitfinex; peer-to-peer marketplace LocalBitcoins; mining firms BTC Guild, Genesis Mining and Eobot; and payments service GoCoin. While Paxful remains headquartered in the city, it is in the strange situation of not being able to actually serve anyone who lives there.
Mashinsky tells Magazine, “The BitLicense was not put in place to protect the consumer or protect the community. That was something that this or that regulator put to create a job for themselves.” He adds that the requirement also reduces healthy competition, resulting in higher fees for customers — such as those seen on Coinbase. “The reason they can get away with it is because they have a BitLicense and others don’t.
However, Shaulov holds a different perspective, saying that the city’s firm regulation is ultimately beneficial. “At least there is some level of clarity of what is required in terms of what it’s like to operate in the city,” he tells Magazine, adding, “In the long term, where regulation will exist everywhere, clarity — even if it’s somewhat unclear — is best.”
The inconvenient reality is that you can’t escape regulation forever. At some point, you need to deal with it.. It alleged that the sister companies lied about the backing of USDT and intentionally covered up massive financial losses. In February 2021, New York Attorney General Letitia James announced that the two companies — neither of which has a BitLicense — were
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