New York needs clarity on Crypto regulations, says Bill Ackman

Billionaire investor Bill Ackman has called on the New York City mayor and the New York governor to look into crypto regulations in the city. 

New York's BitLicense policy keeps cryptocurrency enthusiasts out

This follows a tweet from a New Yorker who complained that the BitLicense policy in the state makes it difficult for individuals to open an account with most of the major foreign exchanges in the city.

The BitLicense policy dates back to 2015 and regulates the issuance of cryptocurrencies and exchange licenses within the state. It requires every company within the virtual currency space, whether it operates in the state or manages such investments, for residents to obtain a license before they can begin operating. 

While this is good in some ways, the stringent requirements have forced many major exchanges in the country to leave. 

Unfortunately, this means that many NYC residents cannot make use of major exchanges such as FTX, Binance.us, Crypto.com, Bitcoin Pro and many others.

For the Twitter user who claims to run a cryptocurrency venture capital fund, he may be forced to move to Connecticut this year so he can have access to other major cryptocurrency exchanges in the United States.

The billionaire asks New York to review his policy

In his commentary on the tweet, Bill Ackman asked New York City Mayor Eric Adam and state governor Kathy Hochul to address concerns. 

According to him, "NY is well on its way to becoming a hub of cryptographic innovation." Therefore, it is right to “remove barriers and create opportunities for growth and innovation”.

Eric Adams' appeal is a clear signal, as the newly elected mayor took office on a platform that included being pro-crypto. Adams has vowed to make New York City a hub for cryptocurrencies.

He even stated that his first three salaries would be in cryptocurrency.

However, the mayor recently came under fire after supporting Bitcoin mining in the state. He soon retraced his steps by saying that while he supports cryptocurrencies, he is not in favor of crypto mining.

It remains to be seen what the regulatory landscape will be for cryptocurrencies in New York in the coming years. And what do you think about the regulation of cryptocurrencies, not only in NY, but also in the rest of the world? Let us know in the comments section below.