This week the longstanding New York Supreme Court case involving the state’s Bitlicense was dismissed. The lone bitcoin entrepreneur, Theo Chino, who has been fighting in court for years, relentlessly trying to get the regulatory framework created by Ben Lawsky overturned, says he will appeal the decision.
The Controversial Bitlicense Forced This Man Out of Business, and He’s Been Fighting to Get the Regulations Overturned for Years
The ‘Bitlicense’ is a term used to describe the regulatory guidelines created by Ben Lawsky and the New York State Department of Financial Services. The regulations have been considered controversial since the day they were drafted as they require businesses to follow strict KYC/AML rules and pay hefty fees to stay in the cryptocurrency business. Many individuals and advocacy groups believe the Bitlicense regulations stifle New York-based companies and their ability to innovate while also hindering cryptocurrency startups. Theo Chino believes New York’s laws are too extreme and the Bitlicense forced his startup to close operations.
‘Obviously, Our Client Disagrees With This Conclusion’
Now the Supreme Court judge has granted a motion to dismiss the entrepreneur’s case. New.Bitcoin.com spoke with Chino’s lawyer, Pierre Ciric, who sent us a statement on Chino’s behalf. The statement explains that “Judge Carmen St. George limited her decision to a single question, concluding that Chino did not have the required standing to challenge the Bitlicense regulation.”
This means that the court concluded that Chino and his business did not suffer the necessary injury to be able to challenge the defendant’s actions.”
Obviously, our client disagrees with this conclusion, since it would mean that, for all practical purposes, no business located in New York or in another state would have access to the court system to challenge this regulation, and possibly other regulations promulgated by NYDFS.
The Judge’s Ruling Will be Appealed
The news follows the recent delay a few months ago when the judge scheduled a new hearing. Ciric told us the news of the delay, which at the time, gave the legal team optimism as Ciric thought postponing the hearing was a good move. “The record before the judge is complex. It appears to be a good move for the judge to give herself some time to parse throughout the record, given the complexity and the number of issues raised in the case,” Ciric explained back in October. The recent statement emphasizes that this week’s ruling will be appealed.
“Our client has decided to appeal this decision,” explains the law firm’s written account. “In New York, such appeals are filed with the Appellate Division, First Judicial Department of the Supreme Court of the state of New York, located on Madison Avenue.”
What do you think about Judge Carmen St. George granting a motion to dismiss Theo Chino’s case against the Bitlicense? Let us know your thoughts in the comments below.
Images via Shutterstock, NYFDS, and Theo Chino.
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Author: Jamie Redman