brg444
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Bitcoin replaces central, not commercial, banks


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April 20, 2015, 03:58:54 AM

GBTC might start trading on monday, but I would think Gemini/Coin would want to comply with the final BitLicense before they launched.

As I understand, Gemini (the Winkles' exchange) depends only on ordinary bureaucratic licenses (MSB, MTB, whatever).  If  Coinbase can function, they should be able to function too (unless they are based in NY and have to wait for the BitLicense because of that).

The COIN ETF is more complicated: it must be approved by the SEC, which is not just a bureaucratic formality.  There is no way to tell how long the SEC will take to decide, or whather it will get approved at all.  (In fact, I have read somewhere that, the longer the SEC takes to decide, the less likely is that it will be approved.)



See this is the crux of what I'm sure is a tense debate behind the scenes between the industry and regulators.

By all appearances Coinbase is fully compliant w/ all known existing regulations in most states they operate.

AML/KYC/MSB/MTB you name it.

Now statists and "lawmakers" being what they are they can't help but having to try and "regulate" anything new under the sun.

In which case gov puppets like Lawsky assume they have authority to impose largely useless, wholly unnecessary and realistically impracticable regulations, the BitLicenses, under the false pretense of "consumer protection".

The Winklevoss being they corporate shills they are they will sing the praise of such "initiatives". They will go as far as to claim other exchanges operating without being "licensed" could be considered "unregulated".

Companies like Coinbase are satisfied enough with their legal status they feel comfortable operating under current state & federal laws.

It will be interesting to find out what becomes of the BitLicenses after reading the industry's stance on the last revised version.

They are evidently not having it.