“The high-level goal of establishing a license framework for a new class of digital currency-based money transmitters and money services businesses is reasonable. Having such a framework in place can materially open up commercial opportunities for companies by reducing the perceived risk and the regulatory uncertainty that currently hang over Bitcoin companies—enabling firms to find banking partners, insurance partners, auditors, and other business partners.  However, as it stands, the BitLicense is likely to have the opposite impact—radically limiting those who can participate in this industry, pushing firms offshore and into sometimes shadier jurisdictions.”

https://www.circle.com/2014/08/13/thoughts-new-york-bitlicense-proposal/

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