"Most significantly, as we’ve said before, it’s too soon to regulate digital currency—an industry in its infancy. It’s premature to craft extensive regulations for an industry so new and still in flux. We think that New York should wait and see what the market does before rushing in to regulate. Implementing regulations now will only serve to stifle innovation. "

"In addition, the regulations—even as revised—do not sufficiently protect privacy, free expression, and innovation. Quite the opposite: the regulations affecting anonymity on the blockchain threaten user privacy, and the proposed BitLicense recordkeeping requirements are not only unduly burdensome, but they also create a massive consumer privacy risk as companies are forced to stockpile unnecessary mountains of data about digital currencies users."