The latest update on BitLicense lawsuit filed by Theo Chino and his firm Chino Ltd. seeking to abolish BitLicense is that the case will move to the New York Court of Appeals, the state’s highest court. This lawsuit was filed against the New York State Department of Financial Services (NYDFS) by Theo Chino and his legal team.
The case was originally filed in 2015. The latest lawsuit filed by Pierre Ciric, the plaintiff’s lawyer stated,
“DFS, of its own initiative, and without the New York State Legislature’s mandateor instructions, adopted a regulatory scheme (commonly called the ‘BitLicense’) to quash the growth of cryptocurrency-based businesses in New York.”
The existing complex and burdensome set of requirements put forward by the New York authority for the applicants to get their hands on the licenses were also highlighted in the lawsuit. For getting license and legally operating in New York, the filing party was required to submit a heavy amount of $50,000 to $100,000, revealed the lawsuit.
The next hearing will take place on October 14th, as pointed by the lawsuit.