Vid: New York to Regulate Bitcoin – Is the Cryptocurrency Biz Like “the Wild West”?

Yesterday, the New York State
Department of Financial Services (DFS) concluded a
two-day fact-finding hearing on how to regulate Bitcoin and
other virtual cryptocurrencies. The purpose of the hearing was to
consider whether or not Empire State regulators should have a
direct role in overseeing the use of virtual cryptocurrencies, or
if existing federal regulations suffice.

In his opening remarks, New York State Superintendent of
Financial Services Benjamin M. Lawsky made it clear that the
question wasn’t so much if New York should regulate
cryptocurrencies, but how. “Right now, the regulation of
the virtual currency industry is still akin to the Wild West,” said
Lawsky. “That lack of regulation is simply not tenable for the
long-term.” Lawsky also expressed a desire not to “clip the wings”
of a promising new technology, and acknowledged the potential of
cryptocurrencies to revolutionize the money transmission
industry.

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