In case you missed it in the holiday bustle, last month the New York Department of Financial Services (NYDFS) published the 3,746 comments it received regarding its BitLicense proposal, including those from Manhattan District Attorney Cyrus Vance, Western Union, Walmart and Amazon. NYDFS Director Benjamin Lawsky said that a revised proposal incorporating the comments will soon be made available for another round of public comment.
Meanwhile, about the same time, the California Business Oversight Department announced that it may regulate virtual currency businesses after concluding that current state law gives the Department this authority. The Department found that California’s money transmitter law could apply to virtual currencies as “mediums of exchange” under the statute.
As in other matters, regulation from New York and California will likely influence future virtual currency legislation and regulation nationally.