New York proposes BitLicense, first comprehensive US state crypto licensing framework

On July 17, 2014, NYDFS Superintendent Benjamin Lawsky unveiled the proposed BitLicense, the first comprehensive US state-level licensing regime for virtual currency businesses. It became the global template everyone copied and the cautionary tale everyone cited, prompting a wave of firms to simply stop serving New York rather than file the paperwork. The rules were finalized nearly a year later, on June 3, 2015.