New York’s virtual currency rules face scrutiny in the state courts today at a hearing that will examine whether regulators overstepped their authority in crafting the controversial BitLicense.
An entrepreneur behind a local Bitcoin firm is suing the New York Department of Financial Services (DFS), claiming that oversight of the emerging technology should have been handled by state legislators rather than the regulator.
Theo Chino, founder of Chino Ltd, was planning to offer Bitcoin services to small corner stores known locally as “bodegas”, but shut his business after he was unable to obtain recognition from the authorities.
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