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“It's happening too often where there's some scam or collapse that's hurting consumers directly in their pocketbooks,” DeCarlo said in a CryptoX interview. The state needs "safeguards in place soon so we can get in front of those," he said, plus a way to give the latest financial innovations some
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The platform also obtained a money transmitter license from the U.S. state’s financial regulator. Source
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"On May 4, 2022, I issued Executive Order N-9-22 to position California as the first state to establish a transparent regulatory environment that both fosters responsible innovation, and protects consumers who use digital asset financial services and products – all within the context of a rapidly evolving federal regulatory picture,"
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“While the newness of cryptocurrency is part of what makes investing exciting, it also makes it riskier for consumers because cryptocurrency businesses are not adequately regulated and do not have to follow many of the same rules that apply to everyone else,” Assembly Member Timothy Grayson (D-Concord), the bill’s sponsor,
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“The conditional virtual currency license allows businesses to have well-regulated access to the New York marketplace through partnerships with licensed firms, ensuring that New Yorkers have access to a wide variety of virtual currency products with appropriate consumer protections,” she said. “With PayPal’s conversion to a BitLicense, the conditional license
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"Serving the U.S. market would require quite a lot of effort, time and investment, it would require a separate organization within Xapo to support it and it would still yield a worse product than what we can offer internationally," Xapo founder Wences Cesares said at the time. Source
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The stated purpose of the BitLicense upon its approval in 2015 by the state’s Department of Financial Services (NYDFS) was to protect consumers and guard against illicit activities like money laundering. However, the BitLicense has gone well beyond ensnaring ne’er-do-wells in crypto. By pouring pesticide on the industry, the BitLicense
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The approval, if made final, opens the door for the new bank to custody cryptocurrencies. Source
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Anthony Albanese will become chief regulatory officer for the tech ventures giant in November. Source
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China will trial its digital yuan with a mega food retailer, U.S. bills are seriously threatening online privacy and an a16z alum is launching a venture firm focused on distributed tech. Here’s the story: Trial PlanChina wants to trial its digital yuan with online food seller Meituan-Dianping as well as another two Tencent-backed companies. The
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