EFF, Others Oppose NYDFS BitLicense
The Electronic Frontier Foundation, Internet Archive and reddit opposed the New York Department of Financial Services' (NYDFS) proposed BitLicense, in comments filed Tuesday (http://bit.ly/1FCESEJ). Coin Center, TechFreedom and other groups highlighted concerns over financial privacy stemming from the NYDFS proposal…
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(see 1410210038). The BitLicense proposal will “reach many businesses that have only a tenuous connection” to New York state, said the EFF’s joint comments. “Digital currencies rely on global internet infrastructure, and so the vast majority of businesses in the digital currency ecosystem will be likely to engage in commerce involving New York or New York residents at some point in time,” it said. “The proposal would require licensees to maintain specific details about transactions -- including information about merchants who accept digital currencies and their customers,” it said. “This represents an enormous expansion of the recordkeeping requirements even for financial services covered by state and federal anti-money laundering regulations,” even though the “wording of the current proposal appears to extend to many businesses and individuals who are not required to comply with those rules,” it said.