Latest Update on Lawsuit against the BitLicense in New York State.

Dear Bitcoiners,

I updated the website http://bit.ly/2dPVBAt with the latest information.

Now that we notified the New York State Attorney General and submitted to the courts the documents, we can share them with the community.

I can say that having a Lawyer that specialize in Article 78 does help tremendously.

The arguments are pretty simple; is Bitcoin a currency or a commodity? This will define whether or not it is a financial product or not.

This is where the argument gets interesting.

• If it is a Financial Product, then did the state have the right to regulate it since since Dodd-Frank (as I understand it) the State lost the right to regulate that area.
  
• If it is a Commodity, then the NYDFS clearly overstepped its area of competence and should have gotten the mandate from the Legislature.

Having analyzed the source code and the algorithm behind the consensus, I clearly and strongly believe the characteristic of Bitcoin are those of a Commodity. Bitcoin will not cease to exist because the government said so.

If you want to support the cause:

1. Start referring to bitcoin as a Crypto-Commodity. (In short, if the blockchain is controlled by a central entity, it's a Crypto-Currency and if it's shared among many users, it's a Crypto-Commodity.)

2. Donate to the Legal fund :
   1EW7ESwvS3yGesSbP8G5ULsHYmy5pykeCG
   or http://bit.ly/2fgKr47

3. Share the website address with other people

Thanks for your support.
Would an AMA session be useful ?

Theo Chino

Submitted November 03, 2016 at 11:38PM by theochino http://bit.ly/2fzyeeH