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Bill Ackman Not Happy with Crypto Regulations in New York

Bill Ackman Not Happy with Crypto Regulations in New York

The CEO of Pershing Square Capital Management expressed his concerns for the crypto industry in NY due to strict policies.

As the general regulatory framework idea for digital assets has become a lot more clear, some government authorities are still looking for their own ways to regulate cryptocurrencies.

The permit in question was imposed by New York’s State Department of Financial Services (NYDFS) called BitLicense. It was initially introduced in 2015 to regulate anything related to digital assets, and businesses in New York could only participate in the crypto industry if they had the BitLicense. 

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However, this sparked controversy amongst several VC firm owners in New York who couldn’t even open a cryptocurrency exchange account, because of BitLicense. In fact, the permit forced several digital asset-based businesses to move out of the city, and look for places with less uncertain policies on crypto.

This led to an outrage on social media, and one user, who runs a crypto venture capital firm, stated that living in New York restricts him from opening an account on some of the largest exchanges in the United States. 

His concern was backed up by billionaire Bill Ackman who called out the governor and mayor of New York on Twitter. Ackman urged the government authorities to remove these barriers, and help NY become "a crypto center of innovation."

While New York looked to be quite crypto-friendly as the mayor Eric Adams presented himself as an advocate for Bitcoin, and even opted to take his salary in crypto, the city seems nowhere near being a blockchain innovation hub with such flawed regulatory measures.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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