New York To Bitcoin Startups: Get Permission Or Get Out


Editor’s note: Elizabeth Stark taught technology policy at Stanford and Yale and was a key organizer of the movement against SOPA. She is the founder of Threshold, a company building new ways to fund open innovation. Ryan Singer is an active entrepreneur in the bitcoin ecosystem. Ryan co-founded Tradehill, an institutional bitcoin exchange, and CryptoCorp, a security service for Bitcoin Wallets and applications.

Bitcoin allows people to build financial technology without asking for permission, but if New York state has its way, this won’t be the case for long.

The New York Department of Financial Services released a series of proposed regulations last week that could shut down the digital currency startup ecosystem as we know it. Deemed “BitLicense,” it may help “Big Bitcoin” go legit, but not the small startups of a few guys and girls in a garage. If only companies that have already raised tens…

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