Good news for the New York state crypto-market. Manny Alicandro, a bitcoin investor, wants to replace New York Attorney General Eric Schneiderman, who recently resigned, The Wall Street Journal reported.
Eric Schneiderman left his post after four women accused him of non-consensual physical violence. New candidate for the post Manny Alicandro is a stock market lawyer, former stand-up comedian, and a bitcoin enthusiast.
The AG candidate also advises to several blockchain startups and a is a small investor in bitcoin. Manny Alicandro would like to see lighter rules for cryptocurrency businesses, arguing that BitLicense is “hurting jobs and stifling innovation”.
In April Eric Schneiderman sent requests to 13 major bitcoin-exchanges, suggesting they disclose detailed information about their activities. Some exchanges supported this initiative, and Coinbase even disclosed some of the information publicly. At the same time, the Kraken exchange refused to respond to the prosecutor's request, saying that it did not want to support inadequate regulation of the cryptocurrency industry in the state of New York.
BitLicense is the regulatory framework that determines the working conditions of bitcoin and blocking companies in the state of New York. It was adopted in the summer of 2015 by the New York State Department of Financial Services (NYDFS). Crypto-exchange companies were expected to have an opportunity to work in a regulated environment and be protected by the state upon its introduction.
However, the outcome was quite the opposite. For many startups suggested conditions proved unacceptable, not only from the regulatory point of view, but also for purely financial reasons. As a result, a large number of industry players simply decided to stop working in the state of New York.
By Ekaterina Ulyanova