Arguments in New York Court With A French Bitcoiner
A certain French Bitcoin user has been taking NY Division of Financial Services into court for their Bitlicense which started on 2015 pointing that the regulation are burdens for users and prevents the Bitcoin startups into businesses.
The French National named Theo Chino, a Bitcoin businessman and entrepreneur asked the New York court to limit the discovery and start the process of dismissing the case.
The requests states that the Bitcoin definition between two parties are totally different and it needs more researches and studies for them to be able to come up with a better definition of Bitcoin.
Mr Chino who is the plaintiff says that the issue cannot be solved as long as there are factual studies on whether BTC is a service or a financial product.
The highlights of the case is if the virtual currency regulation of NY state Department of Financial Services is to meet halfway for designing and issuing by respondents and defendants in a capricious fashion and arbitrary.
Continuing the lawsuit's filing : There are irreconcilable fact and significant differences that will be presented by arguments of Respondents-Defendants and Plaintiff-Petitioner that will resolve both issues through limiting of discovery.
The Impact would be on the part designing the Regulation which is meeting halfway on a fashion capricious and arbitrary that will be acted upon Respondents-Dependants.
The request should be grant by the court when a certain petition is important and a material for prosecution and defense in the proceedings.
If the definition of Bitcoin is not a service or financial product then New York Division Financial Services cross-motion to stop must be rejected. Yes, regulators around the world should be able to continue checking the regulations to implicate Bitcoins.
The reports from the Government this year was all about technology on distributed ledger that also known as Blockchain which has been investigated and researched for future regulations and laws.
Some individual says it is still premature to have regulations to a newly formed and still evolving technology and the government should give it a change to propagate and be use on the markets. The technology could bring better results as there is no limitation on its expansion.
FINRA stated in a report called ‘Implications of Blockchain for Securities Markets‘ that it “welcomes an open dialogue with market participants to help proactively identify and address any potential risks or hurdles in order to tap into the full potential of DLT, while maintaining the core principles of investor protection and market integrity.”