Industry Gives Reacts Positively To BitLicense Changes: NYDFS Chief

July 15, 2020      Jyoti Singh

The Superintendent of the New York Department of Financial Services (NYDFS), Linda Lacewell, on July 14, stated that most people in the crypto space have happily accepted the new changes in BitLicense.

Recently, the combative crypto regulatory framework of the state has been upgraded. While holding a discussion on it in a Global Leaders Webinar Series, Lacewell stated that although some people in the crypto-space do not like it and curse the regulators for this, still there are more people who have positively accepted the change.

Upgraded Regulatory Framework

The Webinar Series, which has been organized by the Global Digital Finance and Global Blockchain Business Council, was hosted by Jeff Bandman, the former fintech adviser to the US Commodity Futures Trading Commission (CFTC).

Lacewell was a bit sure about the industry’s reaction to these new changes, she was not at all surprised with it. The Superintendent of NYDFS mentioned that the regulatory body who made new changes in the framework, had confidence in the industry players and they also knew that the experts would understand its shortcomings.

Further, she said, “We’ve even had some licensees tell us that they’re very excited and interested in pursuing additional licencing with other potential parties that are all partners in the space.”

NYDFS Chief Gives Authorization To 6 Entities

The personnel appointed by Lacewell started working on the backlog of BitLicense application since the year 2019. Lacewell has mentioned that since the day she has become the superintendent of NYDFS, she has taken a lot of application decisions.

According to the reports, the European crypto exchange Bitstamp waited four years for the license. The exchange has submitted its application in the year 2015 but it got authorization in the year 2019 when Lacewell joined NYDFS.

Since the day she has become the part of NYDFS, Lacewell gave certification to six entities.

Lacewell added that although she has given approval to the entities, she felt that the framework was a bit old-fashioned and therefore, she decided to bring some changes in it.

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Jyoti Singh
Jyoti Singh

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.