This week the longstanding New York Supreme Court case involving the state’s Bitlicense was dismissed. The lone bitcoin entrepreneur, Theo Chino, who has been fighting in court for years, relentlessly trying to get the regulatory framework created by Ben Lawsky overturned, says he will appeal the decision.
The Controversial Bitlicense Forced This Man Out of Business, and He’s Been Fighting to Get the Regulations Overturned for Years
The ‘Bitlicense’ is a term used to describe the regulatory guidelines created by Ben Lawsky and the New York State Department of Financial Services. The regulations have been considered controversial since the day they were drafted as they require businesses to follow strict KYC/AML rules and pay hefty fees to stay in the cryptocurrency business. Many individuals and advocacy groups believe the Bitlicense regulations stifle New York-based companies and their ability to innovate while also hindering cryptocurrency startups. Theo Chino believes New York’s laws are too extreme and the Bitlicense forced his startup to close operations.
‘Obviously, Our Client Disagrees With This Conclusion’
Now the Supreme Court judge has granted a motion to dismiss the entrepreneur’s case. New.Bitcoin.com spoke with Chino’s lawyer, Pierre Ciric, who sent us a statement on Chino’s behalf. The statement explains that “Judge Carmen St. George limited her decision to a single question, concluding that Chino did not have the required standing to challenge the Bitlicense regulation.”
This means that the court concluded that Chino and his business did not suffer the necessary injury to be able to challenge the defendant’s actions.” […]