Coinbase Responds To New York’s Recently Proposed BitLicense

Coinbase has now completed its formal response to the New York Department of Financial Services on their recently proposed BitLicense Draft.
You can download our formal response here. [PDF]
To summarize the main points of our response:

We feel the BitLicense is duplicative of the current money transmitter regulations which are a more appropriate form of regulation for the future of digital currency.

Certain aspects of the proposed recordkeeping and anti-money laundering requirements would eliminate the core utility of Bitcoin and cryptocurrencies, substantially hindering the innovation which all of us including, purportedly the NYDFS, find so promising.

Any regulation of virtual currencies at this stage …read more

Source:: http://blog.coinbase.com/post/97098663832