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County Executive Blakeman speaks with PubKey co-founder Thomas Pacchia (R) and River CEO and CTO Alex Leishman (L)<\/p>\n
Frank Corva<\/p>\n
Earlier today, New York gubernatorial candidate and current Nassau County Executive Bruce Blakeman made an appearance at New York City\u2019s Bitcoin-themed bar, PubKey<\/a>, to discuss what he would do to make the Empire State more welcoming to the Bitcoin and crypto industry if he were to be elected governor.<\/p>\n At the bar, which is no stranger to hosting major political figures, as the likes of Rep. Thomas Massie and even President Trump have made appearances there in recent years<\/a>, Blakeman made it clear that New York has been unfriendly to the crypto industry for too long and that it\u2019s time for that to change.<\/p>\n \u201cWhen I become governor, we will work together with the crypto industry not only to end the restrictions and the regulations that are trying to strangle this business, but also […] to create economic activity in the state,\u201d Blakeman told those in attendance at the event.<\/p>\n The main regulation that makes it difficult for Bitcoin and crypto businesses to operate in New York State is the Virtual Currency Business Activity License<\/a>, more commonly referred to in Bitcoin and crypto circles as the \u201cBitLicense\u201d.<\/p>\n When asked if he\u2019d be willing to abolish the BitLicense, Blakeman responded, \u201cYes, I think we have to get rid of it.\u201d<\/p>\n The Burden of the BitLicense<\/p>\n The BitLicense was first enacted into law by the New York Department of Financial Services (NYDFS) in June 2015 and has ever since made it difficult for crypto businesses to operate in New York given how arduous it is to obtain one.<\/p>\n It imposes notable financial costs on crypto companies that can reach over $1 million and applicants often face years-long application delays.<\/p>\n \u201cThe BitLicense is something that nobody voted for and it just has been a pernicious piece of regulation that\u2019s been hurting New York State, New Yorkers, and the industry at large for many years,\u201d Thomas Pacchia, co-founder of PubKey and long-time New Yorker, told me in an interview.<\/p>\n \u201cThe BitLicense has been punitive not just for Bitcoin companies that want to operate in New York \u2014 like River, for example \u2014 but also, if you take the state\u2019s point of view, New York has missed the opportunity to bring in tax revenue from businesses that would have operated here,\u201d Pacchia added.<\/p>\n A ‘Dismantle the BitLicense’ poster on the wall at PubKey<\/p>\n Frank Corva<\/p>\n CEO and CTO of River<\/a>, Alex Leishman, was in attendance at the event.<\/p>\n Pacchia introduced Leishman to Blakeman, informing Blakeman that \u201cRiver is one of the main exchanges that doesn\u2019t service [customers in] New York State because of the BitLicense.\u201d<\/p>\n Blakeman asked Leishman how many states River operates in, to which Leishman responded \u201c48\u201d.<\/p>\n After commenting on Governor Hochul\u2019s failure to engage with businesses like River, Blakeman said to Leishman, \u201cWe\u2019ll be welcoming you [on] January 1st in New York.\u201d<\/p>\n Maintaining New York\u2019s Status as the Financial Capital of the World<\/p>\n While it\u2019s been proposed since as far back as 2019 that the NYDFS would ease the requirements for obtaining a BitLicense<\/a>, the opposite has transpired \u2014 it\u2019s only become more difficult.<\/p>\n