Boost VC CEO Adam Draper has launched a petition seeking a number of changes to New York’s proposed BitLicense framework.
The petition calls for New York regulators to limit the amount of information they gather on virtual currency startups to what is mandated by federal standards; that the BitLicense avoid using duplicative language already enshrined in federal law; and that regulators give their approval for what Draper calls a “sandbox of innovation in the financial markets”.
In a video accompanying the petition, Draper stated that the changes are needed to reduce startup costs for digital currency businesses. He estimated an initial cost of $2m for a company seeking a BitLicense, with $1m per year in additional costs.
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