The lawsuit to abolish the “BitLicense” regulation drafted by the New York State Department of Financial Services (NYDFS) has been moved to the NY highest court. The lawsuit was filed by Theo Chino and other individuals owning a crypto-related business in New York.

According to the <a href="https://www.scribd.com/document/427027082/Theo-Chino-Lawsuit">filing </a>released today, the plaintiffs pushed up the lawsuit to the New York Court of Appeals. The development is purported to continue the case on the dismissal of NYDFS regulation, generally known as “BitLicense.” 

Introduced in June 2015, the BitLicense regulation requires that every company and individual operating or wishing to engage in business activities involving cryptocurrencies in New York should acquire the BitLicense, else they won’t be tolerated.

Specifically in October 2015, after the inception of BitLicense, Chino’s attorney first filed up a lawsuit against NYDFS with the New York Supreme Court. Unfortunately, the court granted the defendant a motion to dismiss the lawsuit. Giving reasons that Chino has no standing to challenge the BitLicense regulation.

Expressing dismay from the court order, the plaintiffs decided to move up the case, with the Chino’s lawyer saying:

“Obviously, our client disagrees with this conclusion, since it would mean that, for all practical purposes, no business located in New York or in another state would have access to the court system to challenge this regulation, and possibly other regulations promulgated by NYDFS.”

Now, the lastest filing today notes that the matter is currently due to move to the New York Court of Appeals on October 14, 2019.
<h2>Briefly on BitLicense</h2>
As per NYSDF, BitLicense was designated to address the issues often associated with digital currencies. “BitLicense provides key consumer protection, anti-money laundering, <a href="https://www.cryptoknowmics.com/crypto/dark-web-cyber-criminals-trading-bitcoin-for-12-us-dollar-cents/">cybersecurity</a> rules to help safeguard customer funds and root out the illicit activity.”

Chino and other plaintiffs operating a crypto-related business, however, claimed that the regulation was causing them to drop their business, following the regulatory scrutiny involved and high fees to acquire the license.

Lawsuit to Abolish BitLicense Continues with New York Court of Appeal

Ibiam Wayas is an optimistic crypto news reporter who also enjoys tech writing. He is an introvert who spends much of his time on the internet studying facts that will help him excel in the digital/cryptocurrency space.

Lawsuit to Abolish BitLicense Continues with New York Court of Appeal

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