The New York Supreme Court rejected Theo Chino’s prosecution for the Bitcoin regulatory regime

nBuzz comment: BitLicense, the Bitcoin regulatory framework launched by the New York State Department of Financial Services (NYDFS), has been opposed by bitcoin fans since its inception. Many see this as an over-regulation of the Bitcoin industry and some wanting to seek compliance also consider the cost of obtaining such a license too high. To overthrow this system, bitcoin entrepreneur Theo Chino sued NYDFS in 2015. At present, the New York Supreme Court has already announced the dismissal of the lawsuit, saying that Chino has no right to question the policy.n
nTranslation: Inan
According to the latest documents, the New York State Supreme Court has approved a motion to dismiss a lawsuit that has lasted for several years and the plaintiffs attempt to overthrow the technology regulatory regime for cryptocurrencies.n
Theo Chino, a former bitcoin entrepreneur, filed a lawsuit against the New York State Department of Financial Services (NYDFS) in October 2015 on a regulatory policy called BitLicense. The policy was officially launched in June 2015, requiring New York state bitcoin-related companies to apply for operating licenses.n
Chino accused the agency of over-regulating the Bitcoin industry, claiming it imposed more restrictions on its management of bitcoin-related companies. He also said NYDFS’s regulatory policy has forced him to shut down his own company.n
The court initially made an extension decision and subsequently approved the accused’s dismissal motion, refusing to accept the case.n
Chino’s lawyer said in a media statement to CoinDesk that although the court has decided that Chino is not entitled to challenge BitLicense, he plans to appeal to the Supreme Court in New York.n
The statement states:n
n”Clearly, our clients disagree with this conclusion because it means that for any practical purpose, no business in New York or other states can challenge the regulatory regime through the court system and other rules issued by NYDFS.”n
nThis controversy stems mainly from BitLicense controversy. Entrepreneurs complain that to get a permit they have to comply with too many regulations and the costs are high.n
As CoinDesk previously reported, to get a permit, in addition to paying a non-refundable filing fee of $ 5,000, legal fees and schedules can cost thousands of dollars. For example, Bitstamp, an encrypted currency transaction, estimated it at the time, saying it could take $ 100,000 for a company to get a permit.n

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