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Bill Ackman, a billionaire, asks for crypto transparency in New York

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Billionaire Bill Ackman has asked city officials to prevent more entrepreneurs from leaving due to regulatory barriers.

Bill Ackman, a billionaire investor, has urged New York City Mayor to examine the crypto regulatory crackdowns related to BitLicense.

On Twitter, a New Yorker expressed his displeasure at the city's weak crypto regulations, which he believes could drive him to migrate. The user slammed the city's Bitlicense policy, stating he could not register an account with any major US exchange for his venture capital firm because of this.

Bitlicense, which regulates multiple parts of crypto issuance and trading, was launched in 2015. Before initiating operations, any virtual currency business functioning in the state of New York or processing such investments from New York citizens must acquire the license. Leading crypto platforms, on either side, are worried since rigorous licensing requirements have prompted several to leave.

Billionaire Bill Ackman has urged recently elected city mayor Eric Adams and Governor Kathy Hochul to address the increasing regulatory issues. He emphasized that reducing regulatory barriers and relaxing rules could be essential to developing the city as a crypto centre.

Eric Adams, the recently elected Mayor who campaigned on the matter of cryptocurrency, has lately come under scrutiny for opposing Bitcoin (BTC) mining in the state. During a local government budget discussion with elected authorities in Albany, Adams stated his support for crypto but not crypto mining.

In recent years, many politicians have expressed significant interest in the crypto sector, and many politicians running for election have made crypto a major issue in their campaigns. However, the vast majority of them appear to be using cryptocurrency only as a marketing technique.





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