California Gets A Clue, Decides Not To Regulate Bitcoin

I had to read the article twice. I could not believe my eyes that an American regulator passed on the chance to extract rent from a new industry. Californian regulators have listened to prudence and decided to allow the industry to develop before it hammers it with unnecessary regulations. Unfortunately Californian regulators are a minority in the land of freedom.

From Bloomberg:

“It remains to be seen whether Bitcoin and the virtual currency industry will fulfill the growth prospects forecast by backers,” Dresslar said by e-mail. “Prudence dictates we take a deliberate approach and let the market further develop. That will better ensure any regulatory regime California ultimately adopts works effectively for consumers, businesses and the market.”

Bitcoin startups should be fleeing New York state like the plague to other parts of America that aim to nurture innovation. Playing in Don Lawsky’s sandbox is quite expensive, just ask itBit.