• The New York State Legislature
    Cryptocurrencies,  United States

    Law raising red flags on crypto exchanges now targeted for repeal

    Yes, there’s a tie-in to Tether and Bitfinex

    One New York lawmaker wants to undo a big part of the state’s regulation of cryptocurrency exchanges. Yet that very regulation may have raised a red flag about some of the world’s largest—and most controversial—bitcoin exchanges three years ago. Assemblyman Ron Kim, a Democrat from Queens, introduced bill A9899 that he touts as replacing the state’s “BitLicense” rules that were put in place three years ago. It’s not the first time such a proposal has been bandied about the legislature. Last month, Sen. Jesse Hamilton and Sen. David Carlucci, Democrats from Brooklyn and Rockland County respectively, also discussed changing regulations. But now a bill is in committee, where it faces the…