New York’s top banking regulator says he plans to relax pending rules set to govern Bitcoin and other virtual currencies. The more startup-friendly requirements come after criticism that the state has moved too quickly to regulate the new technology.
Futurists see virtual currencies as revolutionizing the financial industry the same way the Internet has revolutionized nearly everything.
New York was the first jurisdiction to introduce rules on Bitcoin. Regulators hope to mark the path for other jurisdictions to follow.
New York is allowing health insurance companies to raise premiums an average of 5.7 percent for individuals, and 6.7 percent for small groups. This is, however, roughly half of what insurance companies claimed was the cost of providing health care.
Insurance companies participating in the state's health exchange asked regulators for an average increase of around 13 percent over last year.
New York banking regulators are investigating one of the nation's largest non-bank mortgage servicing companies, Ocwen Financial, over worries the company is bilking $65 million a year in kickbacks from both struggling homeowners and investors.
Watchdogs are scrutinizing the controversial, but common, practice of forcing homeowners to buy overpriced property insurance once they fall behind in their mortgage payments.
New York banking regulators are expected to release new rules this week governing Bitcoins and other virtual currencies.
Many think virtual currencies--sometimes called crypto-currencies--will soon revolutionize financial services, but until now they have been largely unregulated.
New York State is about step into this regulatory void. Within days, the Department of Financial Services will issue far-reaching rules focusing on three things: consumer protection, cyber security, and anti-money laundry rules.