«Is there someone who believes that Regulations do not need to be revised?». This question asked the Senator of the state of new York, Jesse Hamilton (Jesse Hamilton) at a roundtable, held last Friday by suggesting that the disputed regulation is adopted in 2015, may soon be revised.
A bill to improve the ratio may be «very soon,» said state Senator David Carlucci (Carlucci David). «That’s why we wanted to hold this meeting — to listen to the opinions of legislators and representatives of the industry, before we offer the update of regulation.»
Speaking after the two-hour event, Carlucci told about the preparation of a report combining issues identified during the round table, which he conducted with Hamilton, including some of the proposed solutions. Although the results of the meeting are no guarantees of a revision of Regulations was not given, both senators expressed their willingness to continue the dialogue, and in the coming weeks, planned more of such events in a month and a month and a half.
A strong protest
For the abolition of the Regulations during the meeting was made by Theo Chino (Theo Chino), who is known for his protest
against the regulation. His opinion was echoed by other participants of the event, which was organized by the Department of financial services new York at the initiative of the former head of Benjamin Gloss (Benjamin Lawsky).
Negatively about Regulations also expressed the will Martino (Martino Will), one of the founders of blockchain startup Kadena. He said that because of the specificity of regulation his company is facing problems, which may eventually force her to stop working in the state.
«We do not transfer or exchange the digital currency for our clients,» he said. «Kadena is a tech startup, we are not a financial institution, we do nothing with the money. Due to Regulations we can leave new York.»
Representatives from other companies also noted that the Regulations are very burdensome for small businesses with limited access to capital and legal resources.
«For large firms, these costs is just a little thing for small businesses is just crazy money,» says software developer Steve B. «Demands are unrealistic».
Reducing the burden of
Gilles Gade (Gade Gilles), the President of the Bank of Cross River Bank in new Jersey, was called to separate those who work with cryptocurrencies, and primary offerings of tokens from those working on wider applications of the technology. However, Gade admitted that «the elimination of Regulations is not an option.»
«We need to separate the bitcoin and cryptocurrency, ICO and tokens from the blockchain,» said he. «There is no reasons why technology should be subject to licensing that prevents innovation.»
Kevin Butte (Kevin Batteh), senior Advisor on policy in the chamber of Commerce digital Commerce noted that for some types of business, such as for exchanges, it makes sense to fall under the regulation, such as Regulations. But he repeated that the mass approach interferes with other companies that, in its opinion, are excessive for the burden.
«Too early to create new rules for the industry,» said Lew Klaasen (Llew Claasen), Director of the Bitcoin Foundation. He said:
«The fact that the existing regulatory framework is sufficient to regulate specific use cases, create standards for technology in General, now is meaningless.»