Bitcoin Foundation Seeks More Time to Address Virtual Currency Rules – NYTimes.com

Make it fast now.

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By SYDNEY EMBER AUGUST 6, 2014 9:17 AMAugust 6, 2014 10:23 am 2 Comments

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Bitcoin faces a proposal for new virtual currency regulations in New York.Credit Lucy Nicholson/Reuters

Big-name Bitcoin supporters are stepping up the pressure on New York State’s top financial regulator to extend the comment period for the state’s new virtual currency rules.

On Tuesday, the Bitcoin Foundation sent a letter to Benjamin M. Lawsky, New York State’s superintendent of financial services, asking for up to six months to provide feedback on the proposed regulations, and a minimum of 45 additional days.

“With some important, sophisticated exceptions, the Bitcoin community is not well-versed in New York financial services law or regulation,” the letter said. “It takes time to gather the meanings of legal terms of art and to compare them with emerging technologies, processes and business models in the Bitcoinstealthepixels-faucet-banner-160x600 world.”

The move came a week after a group…

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