Melker Bengtsson
TL;DR
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Bruce Blakeman, the Republican candidate for governor in New York, says he'll get rid of the BitLicense if elected
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The BitLicense, New York's mandatory permit for crypto companies, is seen as one of the toughest licenses in the world
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A Siena poll has Blakeman trailing incumbent Kathy Hochul 49-39, though Blakeman says polls have them essentially tied
Bruce Blakeman, the Republican candidate for governor in New York, says he’ll get rid of the BitLicense if elected. The BitLicense is New York’s mandatory permit for crypto companies to serve New Yorkers. It’s seen as one of the toughest licenses in the world. The statement was made at an event at PubKey, a Bitcoin-themed bar in New York City.
The Toughest License in Crypto
Gaining a BitLicense costs hundreds of thousands and takes years. Blakeman wants to do away with it:
When I become governor, we will work together with the crypto industry not only to end the restrictions and the regulations that are trying to strangle this business, but also [...] to create economic activity in the state.
Multiple crypto firms have left the state because of the grueling hoops they’d have to jump through.
An Uphill Race Against the Incumbent
No Republican has won statewide office in New York since 2002 and a Siena poll of likely voters currently has Blakeman trailing the Democratic incumbent Kathy Hochul by quite a distance, 49-39. Blakeman disputes that poll and says polls over the last months have the two candidates essentially tied.
While Hochul hasn’t made a statement on the BitLicense, her history says she’s unlikely to be supportive of such an action. Hochul has consistently acted against the crypto industry, including a 2022 signature for a two year moratorium on new fossil fuel powered crypto mining permits.
If Blakeman defied the official polling and won the election, repealing the license would still take some time. It’s not just a signature away as it is a NYDFS rule, not a statute. And even if he were to lose, campaigning on this promise could force Hochul to soften her stance on crypto. We’ll see if her campaign makes a statement, or if crypto votes aren’t worth chasing.
