Bitcoin Foundation Retains Legal Counsel to Battle Regulators

Announcements, Crime, FinTech, ICO News, Innovation, News | August 30, 2017 By:

The Bitcoin Foundation has retained legal counsel to fight what it terms increasing regulation by the US government.

Llew Claasen, executive director of the Bitcoin Foundation, said that the US meddling is an attempt to “control and stifle the adoption and use of so-called ‘virtual currencies’ such as bitcoin.”  Claasen, a South Africa-based venture capitalist who has been active in boosting bitcoin, said his organization would fight efforts to have bitcoin regulated by money-laundering enforcment agencies.

In the last month, the US Securities and Exchange Commission has stepped up its enforcement efforts. It suspended trading on two cryptocurrency companies and forced another planning an initial coin offering (ICO) to shut down.

“The increased regulatory push by federal and state authorities, if it continues, is sure to threaten the existence of the FinTech industry nationwide,” Claasen said.  “Just as the FinTech industry’s use of cryptocurrency was stifled in New York by the adoption of the so-called Bitlicence, it is highly likely that increased regulatory and legislative burdens will have a similar negative impact.”

The Bitcoin Foundation has retained the Ciric Law Firm PLLC as its counsel. The firm is involved in challenging the US Department of Financial Services “Virtual Currency” regulation, also known as the New York “Bitlicense.”