Theo Chino, a bitcoin evangelist and a lifetime member of the Bitcoin Foundation has once again, via a popular social media platform, Reddit, solicited help in order to put an end to the BitLicense regulation which guides bitcoin operators in New York, United States.
Theo Chino had in the past accused the New York Department Of Financial Services (NYDFS) – the authority in charge – of using Bitcoin operators in the city as “guinea pigs.”
Past Attempts And A Way Forward
Prior to this time, Theo Chino had a petition filed against BitLicense at the Supreme court which at one time was dismissed by Justice Saint George in December 2017.
Theo, who still believes that the NYDFS has simply overused their powers re-embarks on his mission to put an end to the regulation which has seen a number of bitcoin startups leave New York for more bitcoin-friendly areas.
Nevertheless, to achieve this, Theo has come our plain to explain the situation of things and solicit help from the community in bitcoin donations which he says will fund lawyers fees.
Theo’s motive of wanting to throw out the regulation, however, apart from being a major hindrance to cryptocurrency’s growth in New York, he thinks the regulation could serve as a template for other countries which could destroy Bitcoin’s innovation.
Therefore, a special BTC wallet has been opened for those who want to be a part of the fight. The foundation is hoping to raise between $100,000 to $200,000 at its soonest.
The NYDFS BitLicense
The BitLicense was first proposed in 2014 but came into effect on the 8th of August, 2015. The license places tough restrictions on individuals and corporate bodies who engage in sending and receiving cryptocurrencies that live or operate in New York.
Boston based Circle was the first to be granted the BitLicense in September 2015 and has also seen the likes of reputable companies such as Ripple, Coinbase, bitFlyer, Genesis Global Trading, Xapo, BitPay, among others also have gotten the license.