The New York State Supreme Court has granted a motion to dismiss a years-long lawsuit that tried to overturn a technology-specific regulatory regime that targeted cryptocurrency, a newly released document shows.
Theo Chino, a former bitcoin entrepreneur, sued the New York State Department of Financial Services (NYDFS) in October 2015 over the regulation, often referred to generally as the “BitLicense.” Officially introduced in June 2015, the policy requires bitcoin-related firms that reside in the state to apply for a license to operate.
Chino accused the agency of over-regulating the bitcoin industry, claiming the restrictions it imposed overstepped its ability to regulate companies using the technology. He further claimed that NYDFS’s regulations forced him to shut down his own business.
Sourced through Scoop.it from: www.coindesk.com