A new front has opened in the battle over Bitcoin.
Since New York became the first state to propose virtual currency regulations two weeks ago, Bitcoin enthusiasts have had a mixed reaction on whether the new rules will help legitimize the virtual currency or whether they will thwart innovation and threaten the very freedom that Bitcoin was meant to promote. The draft legislation has also exposed a division among virtual currency companies with enough resources to comply with the regulations and those without.
On Tuesday, some Bitcoin supporters are planning to send an open letter to Benjamin M. Lawsky, New York State’s top financial regulator, requesting more time to comment on his proposed legislation.
“Many of us are individuals or small start-ups operating on limited budgets without access to extensive legal resources,” the letter states. “This imposes a substantial burden as we seek to understand the proposed rules and their current and future impacts on our businesses, open-source projects and educational research.” The letter also refers to “inconsistent statements” and opaque language in the draft regulations.