Email from Consumers’ Research Executive Director

Executive Director of Consumers’ Research, Joseph Colangelo, recently composed an email to Ben Lawsky commending the efforts of the NYDFS in proposing regulations for NY State BitLicenses. We have published the email below, and we welcome our readers input during the upcoming public comment period. If you would like to provide input, please email Consumers’ Research at info@consumersresearch.org.

Ben,

I am writing in regards to the recent announcement by the NYDFS of your proposed regulations for New York State BitLicences.  First, it was a pleasure meeting you at the New America Foundation “Coin of the Realm” event in February here in D.C.  As the Executive Director of Consumers’ Research, the nation’s oldest consumer organization, I commend your proposal and feel that it holds the potential to weed out bad actors in a space that is increasingly of concern for the American consumer. 

 

Consumers’ Research believes that bitcoin is a revolutionary implementation that has the potential to change the consumer financial landscape.  We want to make sure that consumers are able to approach this new technology with the benefit of basic knowledge and formal protections.  Therefore we were excited to see that this proposal was able to suggest strong consumer protection with an eye towards encouraging innovation.

 

As an organization we look forward to playing an active role in the public comment period in the upcoming days. We feel that this comment period can be very constructive for the future of bitcoin and welcome the opportunity for our organization to help shape the future of this revolutionary technology.

 Sincerely,

Joseph Colangelo

 

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A rising senior at Colgate University, John is currently working as a research fellow with Consumers' Research.

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