BitLicense Abolishment Plan of Chino
Theo Chino and his Chino Ltd. want to abolish BitLicense for quite some time now. And finally, the filed lawsuit will move to the state’s highest court.
Based on the lawsuit, the estimated cost to acquire a BitLicense is about $50,000 to $100,000. And nearly every New York cryptocurrency startup firm voted to just relocate outside the state. The case will advance to the New York Court of Appeals on October 14.
Back in 2017, Theo Chino applied to get BitLicense. Then, later on, he saw the incredible difficulties of the regulation. And also, the NYDFS’s overreach to make law outside of the mandate of the Legislature. And on October 16, 2015, they filed a pro se verified complaint and petition while the application was pending.
Moreover, Theo Chino and Chino Ltd. are just one of the critics of BitLicense. Kraken, a cryptocurrency exchange, desires to change BitLicense with something rational. And the blockchain advocacy group Coin Center stated that the regulation has some provisions, which impede digital currency innovation in the state.
Coin Center director of research Peter Van Valkenburgh stated, “The final BitLicense still creates a lopsided regime as between digital currency business and traditional money transmitters and banks.”
He also said that it contains cybersecurity and state-level anti-money laundering requirements. And this did not and never apply to the legacy payments industry.
Meanwhile, blockchain-based platform Loom Network launched its latest bounties and rewards program. During the announcement on September 24, Loom introduced a new campaign to recruit decentralized applications (DApps) developers. And this includes several massive bonuses of Loom tokens to grow the ecosystem.
“In order to help grow our ecosystem, we want to continue rewarding our existing stakers, validators, and current, and future dapp developers,” co-founder Matthew Campbell stated.
Furthermore, the bounties and rewards program set out to give away millions of Loom tokens in October.
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