The executive director of Bitcoin foundation does not want judge Lucy Billings to dismiss the pending case before her, between Theo Chino and the New York Department of Financial Services in favor of the New York Department of Financial Services.
The judge Lucy Billings must not disregard the case in favor of the New York Department of Financial Services as Llew Claasen noted about the problem. However, Theo Chino sued the New York Department of Financial Services over 23 NYCRR part two hundred additionally called the BitLicense using a New York Civil practice regulation known as Article seventy-eight.
However, Theo Chino and his attorney, Pierre Ciric, are trying to prevent the Bitlicense regulation in its tracks earlier than it sets an international precedent. They are prepared to pursue the challenge all the way to New York’s highest court in what has been envisaged to be an extended legal process, which could make criminal costs stack up quickly. Chino’s argument is that the Legislature has the right to outline cryptocurrencies and it shouldn’t be the New York Department of Financial Services. Moreover, Theo Chino mentioned that the organization acted illegally and arbitrarily and surpassed its regulatory strength whilst it promulgated its debatable cryptocurrency regulations in 2015.
Llew Claasen stated:
“On March sixteen, Theo Chino first appeared in the front of judge Lucy Billings for a hearing into the problem. The judge did not dismiss the case as was asked by the New York Department of Financial Services and rather desired to hear all actual and legal problems raised by Theo Chino and rescheduled oral arguments on all problems for May 2017. This is not a frivolous matter and is being taken critically by the presiding judge.”
The foundation has usually maintained that the BitLicense is poorly conceived and has destroyed Bitcoin innovation in New York since it was added in June 2015. It is bent on seeing that regulators around the world do not begin modeling their Bitcoin policies at the New York example hence its assist for Chino’s move.
Pierre Ciric contends that the uncertainty around Bitcoin’s nature is widespread across the nation, which considerably weakens the New York Department of Financial Services ‘ argument that it has a clear legislative mandate to modify. Moreover, Pierre Ciric thinks that the process used by the New York Department of Financial Services to adjust and the heavy-handed method in drafting the regulation are essential grounds to justify that the Bitlicense is arbitrary and capricious that’s the term used to challenge a law.