(I have posted a link to two articles below: the first is for the article that I reference in my story below and the other is an updated article on the case with more of a background of what the BitLicense is)
This past weekend I have been searching all over to find some updated info on how to fight back against the NY BitLicense. I learned a lot about Mr. Chino's court case and its filings against the NYS BitLicense, here is an over view of the case and what Mr Chino is filing his lawsuit for:
"The challenge under New York’s Article 78 hinges on two premises: (a) that the New York legislature never granted NYDFS the authority to regulate on Bitcoin, and (b) the regulation is arbitrary and capricious, and/or an abuse of discretion."
In fact that in 2011 when NYSFDS started to draft up this law, they(NYSFDS and NYS) did not consider Bitcoin a Currency, so they applied a law to something that they had no business in regulating. And to top it off, this article also says:
*"The people with Bitcoin knowledge within the NYDFS did leave the agency causing the Attorney General with little experience to work the case. They asked for several postponements; then it took some time for my lawyer to answer — I needed time to train him on what bitcoin is.”*
*Even the man who proposed and oversaw BitLicense, NYDFS head Benjamin Lawsky, left the agency to start a private consultancy soon after the regulation was enacted. His website mentions that he was one of the “Top 10 Most Influential People in Bitcoin”.*
My biggest question is, how else can NYS residents fight against this horrible law?? It is denying people a way to invest into a new market and technology.. We can not participate in just about any site that is online due, this disgusting License, that makes it impossible for Companies to do any type of business in NYS. I have only gotten into Crypto Currency's in 2016, and the more I understand and learn about it, the more frustrated I become, because most sites will say "we do not do business with NYS residents!!!!!!"
Yes there are some ways to get around things, and enter cryptocurrencies, BUT there are lots of missed out opportunities because of this law that was put into place illegally!!!
IF ANYONE HAS ANY OTHER INFO ON OTHER WAYS PEOPLE ARE TRYING TO GET THIS OVER TURNED, OR SUGGESTIONS OR IDEAS PLEASE LEAVE A REPLY..i WOULD REALLY APPRECIATE THIS!!!!
link to the article that I have made references from: http://bitsonline.com/legal-challenge-new-york-bitlicense/
link to a more updated article on the case: https://cei.org/blog/new-yorks-bitlicense-trial