Crypto Scandals & History on Nostr: In 2014, NYDFS Superintendent Benjamin Lawsky proposed the BitLicense, a regulatory ...
In 2014, NYDFS Superintendent Benjamin Lawsky proposed the BitLicense, a regulatory framework for cryptocurrency businesses operating in New York. The proposal was implemented in 2015, with a $5,000 application fee and over 500 pages of requirements. The immediate exodus of cryptocurrency businesses from New York was significant, with Bitfinex, Kraken, Shapeshift, and Poloniex all leaving the state rather than applying for the license. In the nine years since the implementation of the BitLicense, only 25 licenses have been issued. The resulting 'New York exemption' has become a common practice, with many crypto services blocking NY users rather than navigating the complex regulatory landscape. The BitLicense has been criticized for being overly restrictive and driving innovation out of the state. What does this mean for the future of cryptocurrency regulation, and will other states follow New York's lead or take a more lenient approach?
Published at
2026-03-23 07:00:04 UTCEvent JSON
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"content": "In 2014, NYDFS Superintendent Benjamin Lawsky proposed the BitLicense, a regulatory framework for cryptocurrency businesses operating in New York. The proposal was implemented in 2015, with a $5,000 application fee and over 500 pages of requirements. The immediate exodus of cryptocurrency businesses from New York was significant, with Bitfinex, Kraken, Shapeshift, and Poloniex all leaving the state rather than applying for the license. In the nine years since the implementation of the BitLicense, only 25 licenses have been issued. The resulting 'New York exemption' has become a common practice, with many crypto services blocking NY users rather than navigating the complex regulatory landscape. The BitLicense has been criticized for being overly restrictive and driving innovation out of the state. What does this mean for the future of cryptocurrency regulation, and will other states follow New York's lead or take a more lenient approach?",
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