BitLicense Abolishment Moves to Highest Court

The entrepreneur Theo Chino and his firm Chino Ltd. filed a lawsuit against the New York State Department of Financial Services (NYDFS) to revoke BitLicense. And now it has moved to the highest court of the state.

In addition to that, the lawsuit, initially filed in 2015, is now in the New York Court of Appeals. And last week, the plaintiffs have filed a motion for leave to appeal. They presented the proposal after petitioners asked for permission to deviate from an established rule or procedure.

Ciric Lar Firm’s Pierre Ciric stated, “DFS, of its own initiative, and without the New York State Legislature’s mandate or instructions, adopted a regulatory scheme (BitLicense) to squash the growth of cryptocurrency-based businesses in New York.”

Also, it stated that the Regulation had made a complicated and troublesome set of requirements. And it requires applicants and licenses to follow to simply operate in New York State.

Moreover, the estimated cost ranges from $50,000 to $100,000 to get a BitLicense. And most New York cryptocurrency startup companies chose to relocate out of the state. On October 14, the case will finally move to the New York Court of Appeals, according to the document.

Theo Chino and Chino Ltd.’s Lawsuit

Meanwhile, Theo Chino and Chino Ltd. first sued the NYDFS in October 2015. And this happened following the Bitlicense rue, which came into effect on June 2015. During that time, the plaintiffs said the rule left them with no choice but to shut down their business.

In the lawsuit, Theo Chino wished New York City bodegas, small grocery stores, and convenience stores to accept Bitcoin. And it will be the form of payment for everyday items through its firm Chino Ltd.

Then, in August 2017, they also tried to apply to get BitLicense. But later on, they realized the enormous burdens of this regulation.