New York Needs Clarity on Crypto Regulations, says Bill Ackman

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

New York’s BitLicense Policy Keeps Crypto Enthusiasts out

This followed a tweet by one New Yorker who complained that the BitLicense policy in the state makes it difficult for individuals to open an account with most of the major foreign exchanges in the city.

The BitLicense policy dates back to 2015 and governs crypto issuance and licensing for exchange within the state. It mandates every company within the virtual currency space, whether operating in the state or managing such investments, for residents to get a license before they can start operation. 

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

Unfortunately, this means that many residents of New York can’t make use of the major exchanges such as FTX, Binance.us, Crypto.com, and several others.

Per the Twitter user who claims to operate a crypto venture capital fund, he may likely have to move to Connecticut this year so he can have 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 for the newly elected New York City mayor Eric Adam and the State governor, Kathy Hochul, to solve the concerns. 

@NYCMayor @GovKathyHochul lets fix this right away. We can’t lose any more New Yorkers. NY is on its way to becoming a crypto center of innovation. Let’s remove barriers, create opportunities for growth and innovation, and help our state and city! https://t.co/H9tsG4OO9W

— Bill Ackman (@BillAckman) February 9, 2022

According to him, “NY is on its way to becoming a crypto centre of innovation.” Thus, it’s only fitting to “remove barriers and create opportunities for growth and innovation.”

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

He even went as far as stating 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’s not for crypto mining.

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