New York Needs Clarity on Crypto Regulations, says Bill Ackman


Billionaire investor Bill Ackman has asked the Mayor of New York City and the Governor of New York to look into crypto regulations in the city.

New York BitLicense Policy Keeps Crypto Enthusiasts Away

This followed a tweet from a New Yorker who complained that the state’s BitLicense policy makes it difficult for people to open an account at most of the city’s major exchanges.

The BitLicense policy dates back to 2015 and governs the issuance of cryptocurrencies and the granting of licenses for exchange within the state. It requires all businesses within the virtual currency space, whether they operate in the state or manage such investments, for residents to obtain a license before they can start trading.

While this is good in some ways, the stringent requirements have forced many major exchanges in the country to leave.

Unfortunately, this means that many New York residents are unable to make use of major exchanges like FTX, Binance.us, Crypto.com and several others.

for him Twitter User Claiming To Operate A Crypto Venture Capital Fundyou will likely have to move to Connecticut this year in order to gain access to other major crypto exchanges in the US.

Billionaire asks New York to review policy

In his comment on the tweet, Bill Ackman called on newly elected New York City Mayor Eric Adam and New York City Governor Kathy Hochul to address the concerns.

According to him, “New York is on its way to becoming a crypto hub of innovation.” Therefore, it is appropriate to “remove barriers and create opportunities for growth and innovation”.

The call to Eric Adams is a clarion call given that the newly elected mayor came to office on a platform that included being pro-crypto. Adams promised to make New York City a cryptocurrency hub.

He even went so far as to state that his first three paychecks would be in cryptocurrency.

However, the mayor recently came under fire after advocating for Bitcoin mining in the state. He soon retraced his steps by saying that while he supports cryptocurrencies, he is not in favor of crypto mining.

It remains to be seen what the regulatory landscape for cryptocurrencies in New York would look like in the coming years.