Nassau County Executive Bruce Blakeman, a Republican candidate for New York governor, has pledged to eliminate the state's BitLicense regulatory framework, asserting it impedes the state's position as a global financial center. Blakeman made the commitment during a press conference held at PubKey, a Greenwich Village establishment that accepts cryptocurrency payments.
"This should be the financial capital of the world," Blakeman stated, emphasizing the role of cryptocurrency in achieving that status. He criticized the current approach to digital currency, characterizing it as treating Bitcoin and crypto as the "enemy." Blakeman specifically targeted Governor Kathy Hochul, accusing her of failing to engage in dialogue and instead adopting an "my way or the highway" approach that he believes drives businesses out of New York.
The BitLicense, established in 2015, is recognized as one of the most stringent and comprehensive cryptocurrency regulations in the United States. Critics contend that its demanding requirements and associated costs, which can exceed $10,000 for a license, create substantial obstacles for startups seeking to operate and expand within New York.
Blakeman expressed a desire for a more collaborative relationship between the private and public sectors regarding digital currency. He stated his willingness to engage with cryptocurrency businesses to develop a more sensible framework, arguing that transaction taxes can be oppressive and stifle economic activity in the crypto space.
Blakeman, who is not currently a cryptocurrency owner due to his public servant salary, indicated an interest in investing in digital assets if prices become more accessible. He also asserted that if elected governor, he would intervene to prevent New York City Mayor Eric Adams from implementing policies he believes would harm the city's economy, underscoring the governor's influence over the city.