Link to DFS Framework posted for commentary here.
Let’s go on with some of the basic things:
Section 200.3 License, section (a):
License required. No person shall, without a license obtained from the superintendent as provided in this Part, engage in any Virtual Currency Business Activity.
Orrrrr basically taking a form of currency which is free and open to all, and thereby locking it behind closed, controlled doors. You’re clearly missing the point here NY. Part of the reason we like Crypto Currency is that we DON’T need to ask your permission to have it or use it. Crypto Currency is OURS, not YOURS.
Section 200.8 Capital Requirements, section (a):
Each Licensee shall maintain at all times such capital as the superintendent determines is sufficient to ensure the financial integrity of the Licensee and its ongoing operations. In determining the minimum amount of capital that must be maintained by a Licensee, the superintendent will consider a variety of factors
So now if I have $1000USD in Dogecoin, I need to have some percentage of that set aside in real USD before I can use it? YOU’RE MISSING THE POINT.
There is so much more in this document which is just damningly ignorant about technology as a whole and Crypto Currency specifically.
It’s becoming increasingly apparent that government entities are afraid of crypto. They should be. It removes them from the process.
And if government doesn’t have a hand in our money, then what real power do they have anymore?
None that matters, anyway.
Hopefully this will get struck down as over-reaching. Otherwise crypto development will leave NY (and the USA eventually) and go to more forward-thinking countries. Stop trying to hold us back. THIS IS THE FUTURE!