Once upon a time, NY State Superintendent of Financial Services Ben Lawsky proposed banning Fractional Reserve Bitcoin Banking. This would effectively ensure that Bitcoin could never support economic expansion.
Earlier this week, two bitcoin companies, BitPay and Vaurum, hired former SEC chairman Arthur Levitt as an adviser, because they needed advice on regulation, and how to seduce regulators to change regulation to their liking.
Let me show you how it’s done, Arthur said. And the next day he had lunch with Superintendent Lawsky, after which they exchanged flirtatious tweets like prepubescent paramours.
Arthur Levitt is so very special! And Ben Lawsky is good and fair! Oh, get a room, you two. I’m counting the days til Lawsky retracts his “Bitlicense” proposal.
Hey Ben! Remember this press release you issued?
NY DFS RELEASES PROPOSED BITLICENSE REGULATORY FRAMEWORK FOR VIRTUAL CURRENCY FIRMS –NY Dept of Financial Services