Rajarshi Mitra
Independent Analyst
- BitLicense founder Benjamin Lawsky may leverage his position as a lawmaker to help serve a $140 million Bitcoin fund.
- He was earlier accused of generating consulting work for himself by issuing controversial regulations for crypto firms.
Benjamin Lawsky, the architect of the controversial BitLicense, appears to have leveraged his position as a lawmaker to help serve a Bitcoin fund. According to a recent SEC filing, Lawsky is now a part of a $140 million Bitcoin fund. In the filing, NYDIG ASSET ADVISORY LLC is listed as the fund’s general partner and Benjamin Lawsky is listed as an elected manager of the advisory.
Mike Dudas, the founder of The Block, tweeted:
This is rich. The guy who invented the BitLicense is granted a BitLicense and launches a $140 million bitcoin fund. - @mdudas
Lawsky was earlier accused of generating consulting work for himself by issuing controversial regulations for crypto asset companies before leaving his post at the New York Department of Financial Services. At the time, he had said:
The rules are very clear. If anyone… said ‘I want to hire you to help get a BitLicense from DFS,’ no can do.
In 2015, Lawsky helped in creating the controversial BitLicense aimed to regulate New York-based crypto companies. This regulation made it very difficult for many crypto firms to operate in the state. Companies like Kraken and Bitfinex stopped providing services for New Yorkers for the same reason. Two years after creating the BitLicense, Lawsky began offering regulatory assistance through his company - The Lawsky Group. He advertised his services explicitly to crypto startups.
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