Blakeman Proposes to Abolish New York’s BITLicense

Bruce Blakeman, a Republican candidate for governor, has pledged to dismantle New York’s BITLicense regulatory system if he wins the election.

“This should be the financial capital of the world,” Blakeman stated during a press conference at PubKey, a Greenwich Village bar that accepts cryptocurrency payments.

He further emphasized that without cryptocurrencies, New York can’t truly hold that title.

Since its introduction in 2015, the BitLicense has been regarded as one of the most stringent crypto regulations in the U.S., and many critics allege it significantly hinders companies aiming to expand in New York.

Blakeman indicated that he would “revisit” the current strictures on digital currencies if he becomes governor.

“We need to rethink how to support this industry and enhance collaboration between private and public sectors on this critical issue,” he noted.

To engage in buying and selling digital currencies in New York, businesses must obtain a license, which can exceed $10,000, a cost that many startups find prohibitive.

According to Blakeman, the previous administration’s stance toward cryptocurrency treated it as a “foe” and he criticized Governor Kathy Hochul for her lack of engagement on matters concerning digital currencies.

“Unfortunately, Kathy Hochul doesn’t want any negotiation or dialogue. It’s ‘my way or the highway,’ and that’s how you drive business away from the state,” Blakeman remarked at the cryptocurrency-friendly venue.

He expressed a willingness to collaborate with crypto businesses to develop a more workable solution.

“It’s oppressive to impose a tax on every transaction that occurs,” he stated, warning that such measures could stifle economic activity in the cryptocurrency sector, ultimately harming both businesses and government interests.

Blakeman does not currently own any cryptocurrencies but expressed a desire to invest in them in the future.

“Being a junior civil servant, I don’t quite have that luxury. If I end up feeling a bit down, I might consider buying some cryptocurrencies,” he shared. “It’s definitely something I’ve thought about.”

The position of Mayor Zoran Mamdani regarding digital currencies is not yet clear, but Blakeman asserted he would intervene if he perceived any threat to New York’s economy.

“The governor holds significant power over the mayor and the city, and we can’t allow him to jeopardize this great city, which is vital to New York State,” Blakeman added.