Billionaire Bill Ackman calls on New York to reconsider BitLicense

Billionaire investor Bill Ackman has asked the newly elected New York City Mayor Eric Adams and Governor Kathy Hochul to investigate the regulatory hurdles associated with BitLicense.

In a Twitter post, he said: “@NYCMayor @GovKathyHochul let’s 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!”

BitLicense came into play in 2015 as a business license for virtual currencies covering a large range of crypto organizations.

These include buying and selling cryptocurrencies as a customer business, transmitting cryptocurrencies, issuing crypto and providing an exchange service to customers.

New Yorkers must hold a license to operate any business with a virtual currency before they commence starting such operations. This in turn causes many difficulties for the city when trying to participate in the expanding crypto sector.

One New Yorker has taken to Twitter to voice their frustrations on crypto policies in the city and how it could even cement their decisions to leave New York altogether.

Because of the BitLicense policy, the Twitter user proclaimed such restrictions wouldn’t enable him to open an account for his venture capital firm with any large exchange in the US.

While politicians over the last year have shown great interest in cryptocurrencies, with Adams receiving his first pay check in bitcoin in January, it seems he is in favour of the currency itself.

However, he recently announced he “supports cryptocurrency but not crypto mining”. It will be interesting to see which politicians are on board with Ackmans’ views on making the city a crypto-friendly community and not chasing its civilians out.

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Updated: 02/15/2022 — 14:00