- BitLicense founder Benjamin Lawsky may leverage his position as a lawmaker to help serve a $140 million Bitcoin fund.
- He was earlier accused of generating consulting work for himself by issuing controversial regulations for crypto firms.
Benjamin Lawsky, the architect of the controversial BitLicense, appears to have leveraged his position as a lawmaker to help serve a Bitcoin fund. According to a recent SEC filing, Lawsky is now a part of a $140 million Bitcoin fund. In the filing, NYDIG ASSET ADVISORY LLC is listed as the fund’s general partner and Benjamin Lawsky is listed as an elected manager of the advisory.
Mike Dudas, the founder of The Block, tweeted:
This is rich. The guy who invented the BitLicense is granted a BitLicense and launches a $140 million bitcoin fund. - @mdudas
Lawsky was earlier accused of generating consulting work for himself by issuing controversial regulations for crypto asset companies before leaving his post at the New York Department of Financial Services. At the time, he had said:
The rules are very clear. If anyone… said ‘I want to hire you to help get a BitLicense from DFS,’ no can do.
In 2015, Lawsky helped in creating the controversial BitLicense aimed to regulate New York-based crypto companies. This regulation made it very difficult for many crypto firms to operate in the state. Companies like Kraken and Bitfinex stopped providing services for New Yorkers for the same reason. Two years after creating the BitLicense, Lawsky began offering regulatory assistance through his company - The Lawsky Group. He advertised his services explicitly to crypto startups.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.