Bruce Blakeman promises to axe New York’s strict crypto regulatory policy BitLicense if elected governor

Republican gubernatorial candidate Bruce Blakeman vowed to repeal New York State’s BitLicense regulatory framework if elected to the top job.

“This should be the financial capital of the world,” Blakeman said of New York at a press conference at PubKey, a Greenwich Village dive bar where you can pay with cryptocurrency.

“And without crypto, it is not the financial capital of the world,” he slammed. 

Introduced in 2015, BitLicense is one of the strictest and most comprehensive crypto regulatory policies in the United States — with many critics arguing it creates significant barriers for companies looking to launch and grow in New York. 

If elected as New York governor, Blakeman said he would “get rid” of the strict digital currency framework.

“We’ve got to rethink how we can nurture this business and how we can have a close relationship between the private sector and the public sector on this important issue,” Blakeman said. 

Firms wanting to buy or sell digital currency in New York state require the license, which can cost upwards of $10,000, making it cost-prohibitive for many startups.

The Nassau County Executive said prior approaches to Bitcoin and crypto treat it as the “enemy” — and slammed Governor Kathy Hochul for not understanding that she should have to work out her concerns with the digital currency.