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Saturday, October 25, 2014
Still waiting on Revised Bitcoin Regulation
The typical Friday afternoon news dump did not happen: the so-called "Bitlicense" that has outraged most of the Bitcoin / digital currency community was not released in its revised Beta form as some of us observers were anticipating. The original draft regulation was released July 17, 2014 and sent some industry participants scurrying for moving vans and passports.
The original comment period for Bitlicense 1.0 was to expire in early September, but was then extended an additional 45 days until this past Tuesday.
A good collection of reputable comment letters and other related commentary can be found on this website maintained by the international law firm Davis Polk. That is a law firm known for representing the largest of the large financial institutions, so industry companies should be wary of the conflicts -- both actual, perceived and disclosed depending on the ethics and financial desperation of the rainmaking partner -- inherent in using a law firm as a "trusted confidential adviser" for confidential business matters while it is servicing, and has been servicing, the much bigger competition for generations.