Bill Ackman, a billionaire investor, has asked the mayor of New York City to investigate the BitLicense crypto regulatory crackdowns.
A New Yorker expressed his dismay on Twitter over the city’s poor crypto regulations. And how they may drive him to leave. The user slammed the city’s Bitlicense regulation, claiming that as a result of it, he was unable to register an account with any major US exchange for his venture capital firm.
Bitlicense is a regulatory framework that governs different elements of cryptocurrency issuance and exchange. It was first established in 2015. Before beginning operations, any virtual currency business operating in New York or managing virtual currency investments from New York residents must get a licence. Major crypto platforms, on the other hand, are concerned, as several have left due to licencing restrictions.
Bill Ackman, a billionaire, has urged newly elected Mayor Eric Adams and Governor Kathy Hochul to investigate the rising regulatory issues. He emphasised that reducing regulatory barriers and simplifying regulations might be crucial to the city’s transformation into a crypto powerhouse. He expressed himself as follows:
Eric Adams, the newly elected Mayor who campaigned on a crypto platform, has recently been chastised for opposing Bitcoin (BTC) mining in the state. Adams stated he favours cryptocurrency but not crypto mining during a local government budget hearing with elected leaders in Albany.
Many politicians have expressed interest in the crypto industry in recent years. Nevertheless, several politicians vying for office have made crypto a primary campaign issue. However, it appears that the majority of them are simply exploiting cryptocurrency as a campaign tool.