Former NYDFS Superintendent Benjamin Lawsky Joins Bitcoin Fund Manager
Lawsky Creates BitLicense, Later Joins Bitcoin Firm
Former New York State Department of Financial Services (NYDFS) Superintendent Benjamin Lawsky has joined a bitcoin fund manager nearly a year before it applied for and received the BitLicense, a regulatory framework for cryptocurrency businesses that Lawsky created while at the NYDFS.
Lawsky Defends BitLicense
In a speech on Tuesday, Lawsky defended the BitLicense against criticism from the bitcoin community. He said the rules were necessary to protect consumers and prevent money laundering. "We wanted to create a framework that would allow this industry to grow and thrive, but also protect consumers and the financial system," Lawsky said.
Controversy Surrounding BitLicense
The BitLicense has been controversial since its inception. Critics argue that it is too burdensome and stifles innovation. However, Lawsky has maintained that the regulations are necessary to protect consumers and the financial system. "The BitLicense is not perfect, but it is a good start," Lawsky said.
Lawsky's Role at Bitcoin Fund Manager
Lawsky's role at the bitcoin fund manager is unclear. However, his appointment to the company's board of directors has raised concerns about conflicts of interest. Lawsky has said that he will not be involved in any regulatory decisions related to the company.
Ripple Appoints Lawsky to Board
Ripple, a blockchain company, announced on Tuesday that it has appointed Lawsky to its board of directors. Lawsky will provide guidance to Ripple on regulatory and compliance matters. Ripple is one of the largest cryptocurrency companies in the world. Its appointment of Lawsky is a sign that the company is taking regulatory compliance seriously.
Conclusion
Benjamin Lawsky is a controversial figure in the cryptocurrency community. His creation of the BitLicense has been praised by some and criticized by others. However, there is no doubt that Lawsky is a major player in the cryptocurrency space. His appointment to the board of directors of Ripple is a sign that the company is taking regulatory compliance seriously.
Comments