After yesterday’s wave of subpoenas from the New York State Department of Financial Services, the New York Bitcoin community has been buzzing with ideas and interpretations as to what it means and if this is “good” or “bad” for Bitcoin.
Andre De Castro, a well-known member of the Bitcoin community of NYC and the President of RightClick LLC. – the parent company which controls eCoin Cashier which is one of the companies that was targeted by the State of New York in this round of subpoenas – has long been an outspoken advocate for positive engagement with regulatory groups at all levels of government. His comment following his reception of one of the 22 subpoenas delivered to various Bitcoin-based businesses and organizations began as follows:
I am surprised and delighted to see that eCoin Cashier is now in a position that it can assist in a much-needed dialogue, although it is quite unfortunate that it came about via a subpoena. Whatever contributions I can make to my home state of New York in helping it’s government and start-ups get clarity on virtual currency, I will do, so that other states may follow suit in this innovative technological space.
De Castro continued his remarks with a hopeful outlook towards Bitcoin’s often conflicting legal status across several planes of government, saying:
I would like to commend the Department of Financial Services of New York and superintendent Benjamin Lawsky for taking this initiative. I belong to bitcoinNYC, presently the largest group of bitcoiners in the country, and the lack of clarity around regulations caused confusion for many of us, including eCoin Cashier. We have even delayed launching due to uncertainty around FinCEN and local regulations. Many of us look forward to an open dialogue that encourages technology and innovation in New York State, as we lead the country in this new and exciting sector of virtual currency.
Stay tuned for more reaction and comments to the August 12th Event!