New York State Regulator Promises Tough Bitcoin Rules
This article is for subscribers only.
New York’s top financial regulator told Bitcoin entrepreneurs he’ll prevent their companies from abetting money laundering even at the risk of stamping out innovation in the embryonic virtual-currency industry.
As he convened two days of hearings yesterday on the regulation of Bitcoin and other virtual currencies, Benjamin Lawsky, the state’s superintendent of financial services, said New York will be the first to propose rules for the new technology’s oversight. The hearings began a day after a Bitcoin promoter was indicted on money-laundering charges.