BitLicense Victims Kraken and ShapeShift CEOs Speak About Regulations in New York

On Tuesday, a speech on the approach of the state of New York to the regulations was made among the two most outspoken leaders of the crypto money industry on Tuesday.

For example, ShapeShift in Consensus 2018 Erik Voorhees added that BitLicense and were examples of how they forced their borders to criticize the regulations the state was implementing.

"Now here is the Statue of Liberty Even though we are so close, you can not sell CryptoKitties without a permission document.

Kraken 's CEO' s Jesse Powell is the New York state chief prosecutor Eric Schneiderman 's resignation

At the beginning of this year, Schneiderman asked his office to share information from Kraken and a few other stock exchanges. Powell, who stopped the company's operations in New York three years ago, stated that they felt "a sweeping slap" in the statement of relevance.

But after his assertion that Schneiderman had applied physical abuse to his resignation, Powell said, "

Both executives say that the reasons for their company's departure from the state are BitLicense . It is revealed that many things that are spoken and written on BitLicense have a deeper meaning.

On the issue, Powell described the issue, with the arrangements drawn up to prevent money laundering and with the measures taken to prevent money laundering . addressed the problems between securing the confidentiality of customer information . Speaking of BitLicense, Powell said, "Kraken would have to inform the state of New York of all the customer information he or she had globally in such a case."

Powell noted that this was not only an unpleasant situation, but it also potentially illegal .

Powell said today that in order to continue its services in New York, it must build a structure entirely in New York State that is not affiliated with other regions.

Alternative Models

Powell, a widespread figure, described the US as a real failure to leave regulations on cryptographic currencies to local regulatory bodies.

19659013] "All other governments around the world are seriously considering the state's leading prime ministers, ministers. At this state level, it is not something that each editor can decide for himself. This can be considered as a national economic and security issue or even as an international problem. "

Powell, Japan is implementing the Virtual Currency Act as an example of editing.

Voorhees is an example of how things should be done correctly, but recently it has been associated with five new blockchains, including how to get things done right in the country, Another US state that has enacted the law has shown Wyoming .

The law that automatically categorizes tokens of one of the most important of these laws

Voorhees said it was one of the best arrangements to do so by saying that such models should be examined by people.

At the beginning of his speech, New York's BitLicense created a devil Voorhees stated that the regulators' intentions were generally good.

But he said that they would not be able to achieve this by imposing bureaucracy or trying to bring banking-like regulations to companies that do not want to have any similarities with traditional financial institutions.

"I believe that the crypto industry and regulators will find a common area for this incredible new technology, and that the regulators will be able to attain many of their goals, such as protecting consumers from their original goals."

How Regulations Can Be Done

Powell said that the central office of Kraken is now San as both administrators agree that it is quite easy to move with the crypto currencies if the laws in one region become too tight. Francisco and that the reason for this is that he lives there when he establishes the company.

At the same time Powell gave a tip for users in New York who had limited crypto money trading because of BitLicense, so that users do not have to be physically moved all the time, and that VPN

"If you have to stay in New York and you can not trade as you like, you can set up a limited liability company in Wyoming to do your transactions on this company."

The rise of decentralized stock exchanges has been hampered by the influence of regulators Powell said: "

" If they can not do the things they want through Kraken, they can do it with decentralized exchanges.

Voorhees said that the jump from the country to the country, which was created by the stock market and other businesses, was only a symptom of a wider event that could not be easily solved and pointed out that