Against the backdrop of a climbing cryptocurrency market on Tuesday, two panels at CoinDesk’s Consensus 2017 conference focused on both the promise and pitfalls of working with (or investing in) digital currencies and blockchain assets.
During one session, representatives from the trading, investing and legal sectors honed in what is perhaps an obvious pain point: regulation, particularly in New York.
“We have a Soviet situation here,” noted Marco Santori, fintech team leader for Cooley LLP.
Santori, who works with companies in the blockchain space, told the crowd that a number of his clients have pulled out of New York due to frustrations with the so-called BitLicense, a regulatory framework launched by the state in mid-2015.
Michael Moro, CEO of New York-based Genesis Global Trading, described the frustration his firm has experienced in trying to add a new token to trade.
“We asked for permission to trade in September, and here I am still nine months later, still waiting,” he said.
Santori pointed out that everything was easier when there was just bitcoin. Now, with so many cryptocurrencies entering the market, the environment has become that much more difficult. On that note, Santori went on to point out that consumer protections just are not there yet.
“Frankly, the policy goal of promoting these innovative spaces far outstrips the consumer
Read more ... source: CoinDesk
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