Cuomo’s Plan: A Fair Share for the Crypto Community

Governor Andrew Cuomo is looking to shake things up in New York’s financial landscape by shifting the financial burden of regulatory oversight onto cryptocurrency businesses. The man behind the proposal believes that if companies are going to play in the big leagues of finance, they need to contribute their fair share to the regulation game.

The BitLicense Background: What You Need to Know

For those living under a rock—or without an internet connection—the BitLicense is New York’s golden ticket for cryptocurrency businesses. Launched by the New York State Department of Financial Services (NYDFS) in 2015, it requires crypto-related businesses to comply with stringent regulations. Think of it as the Hogwarts acceptance letter for crypto firms, only instead of magic, you get compliance and oversight.

Cuomo’s Vision: Leveling the Playing Field

Cuomo’s idea is not just