10-13-17 — Kathy Inman – Theo Chino — LISTEN LIVE on LNR.F

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Hour three – Theo Chino offers an replace about difficult New York’s bitcoin regulation and offers an replace on his case; Replace on Morpheus


Hour three

Theo Chino

Chino v. Dept. of Monetary Providers, Index # 101880-15 difficult New York’s bitcoin regulation…

Article 78  Towards NYDFS – A Lawsuit Towards the Govt Department Overreach



Different Webpages:

@theochino (Twitter)

BIO: Royal Ache within the Ass for a Higher World.






Theo’s Lawsuit: 

Article 78  Towards NYDFS – A Lawsuit Towards the Govt Department Overreach

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Listening to in entrance of Justice Saint George. (10/10/2017)

Transcript of the listening to (PDF – 6 008 KB)

Free Morpheus Titania!

Folks Maintain Getting Charged With a Crime for Promoting Bitcoin

Bitcoin Basis launches Fundraiser.

BitLicense can nonetheless be stopped if we use this chance

Listening to Date: Thursday, January 11th, 2018 @ 2:15 pm
Meetup Info

Justice Carmen St. George
Half 34, Room 308
80 Centre road, New York, NY 10013

Llew Claasen, Govt Director of the Bitcoin Basis.

The foul scent of state cryptocurrency laws

Off the Hook () clarify the lawsuit on WBAI 99.5 FM.

Full present on 2600’s web site: www.2600.com/offthehook/2017/0317.html (Air Date: March 29th 2017)

What’s the case about ? Learn this nice overview of the case.
CEI Weblog: New York’s “BitLicense” on Trial.

Pierre Ciric clarify Article 78 to Bitcoin Engineers in NYC. (eight minutes)

Pierre Ciric, an knowledgeable in Article 78, defined why the division of monetary companies acted arbitrarily and inappropriately through the use of Bitcoin firms as “Guinea Pigs” when it promulgated its digital forex regulation.



Nonetheless Alive: NY Choose Delays Resolution in Battle Towards BitLicense

Oct 11, 2017 at 12:30 UTC by Michael del Castillo


“Is he paying you in bitcoins?”

The query directed by a court docket safety guard to the authorized counsel of New York resident Theo Chino yesterday, highlights a central problem lengthy going through regulators contemplating the expertise – is bitcoin a forex or commodity?

Because the business has discovered, time and time once more, that simply relies upon.

However that reply is not fairly ok in New York, the place early guidelines have been put in place for startups on the idea that cash transmission legal guidelines utilized. Whereas most companies have resigned themselves to the foundations, getting practices in form or else delivery out, Chino hasn’t given up the battle.

Two years after initially submitting court docket paperwork, Chino’s lawyer argued in court docket yesterday that the so-called BitLicense rules introduced an early finish to his consumer’s profession as a bitcoin entrepreneur, as many others have claimed.

On one aspect, Chino’s authorized counsel argued that the New York State Division of Monetary Providers (NYDFS) overstepped its mandate when it issued the BitLicense. On the opposite, the defendant’s lawyer argued that Chino had no grounds for his criticism.

However fairly than dismissing the underdog declare, Choose Carmen Victoria St. George issued what could also be one of many extra stunning statements in bitcoin’s brief authorized historical past.

She concluded:

“Courtroom reserves determination.”

As an alternative of formally weighing in on the case, Choose St. George set a future court docket date for the members to reconvene on January 11, 2018.

However whereas that would seem to be an irritating bureaucratic measure, Chino was all smiles on the day’s conclusion. Not solely does this imply his case will get to stay one other day, however the choose appeared, at occasions, swayed by his lawyer’s arguments.

The plaintiff

For Chino and his authorized counsel, the indecision might be seen as a small victory, one that can transfer their case forward in court docket, and hopefully, present reduction for smaller companies they argue have been harm by the regulation.

Stepping again, the thrust of Chino’s argument is and has been that as a “small enterprise” proprietor, he didn’t have the assets to undergo the notoriously costly utility course of for the BitLicense. Not solely does the applying value $5,00zero, nevertheless it has additionally resulted in candidates spending tens of millions on authorized charges.

So, again in 2015, Chino filed a criticism in opposition to NYDFS and ceased work on his enterprise.

“From the second the license was promulgated,” Chino’s counsel Pierre Ciric argued in court docket, “he knew the price of compliance was prohibitive.”

And there is proof to again up the declare. Up to now, only a handful of BitLicenses have been granted, and lots of extra firms stay caught in utility standing.

Nonetheless, it was maybe Chino’s critiques primarily based on bitcoin’s authorized classification that had essentially the most influence. When requested by the choose if bitcoin was, in actual fact, a monetary instrument, Ciric responded, “No, completely not.”

As an alternative, he argued the cryptocurrency was a commodity, extra intently aligned with the definition put forth in 2015 by the U.S. Commodities Futures Buying and selling Fee.

And Choose St. George appeared open to the argument.

The protection

On the opposite aspect, nonetheless, Jonathan Conley, who represented NYDFS, spent a lot of his time sidestepping this bigger mental query.

Fairly than addressing bitcoin’s open-ended authorized definition, Conley argued as a substitute that Chino had no proper to proceed along with his declare as a consequence of the truth that he botched his BitLicense utility, amongst different claims.

In line with Conley, Chino filed his varieties with a number of fields stating “not relevant” and “I can’t disclose,” earlier than stopping the method altogether. Due to this Conley argued damages have been solely “speculative.”

On this method, the remarks reduce to the core of what could possibly be one other problem within the case – whether or not Chino is an acceptable candidate to again his claims. However for now, that willpower shall be delayed.

Come January, it stays to be seen simply how the choose will rule – and if extra surprises are in retailer for what’s maybe the business’s impossible authorized case.


Man at middle of bitcoin-bodega lawsuit desires Paul Krugman to testify


Wednesday, October 11, 2017, four:00 AM


An entrepreneur who sued the state for foiling his efforts to get seven metropolis bodegas to just accept bitcoin desires Pulitzer Prize-winning economist Paul Krugman to testify in his case.

An lawyer for Theo Chino says the famous New York Instances columnist and CUNY Graduate Middle professor ought to testify earlier than Manhattan Supreme Courtroom Justice Carmen St. George concerning the “financial nature” of the worldwide digital forex.

“I will take any knowledgeable! Krugman is sweet sufficient for me,” Chino’s lawyer Pierre Ciric advised the Each day Information.

Each Chino and attorneys for the state Division of Monetary Providers have cited Krugman as an authority amid a authorized dispute over whether or not bitcoin is a “monetary services or products.” A choose must approve a subpoena for the famed economist.

Bitcoin defined and why hackers use it

Chino argues bitcoin’s worth fluctuates too wildly to be thought of a viable monetary product. State Assistant Legal professional Normal Jonathan Conley stated that argument “defied frequent sense” and that bitcoin is cash topic to state regulation.

Chino sued in 2015, arguing that the state license required to have interaction in a “digital forex enterprise” was too burdensome. He had hoped to get the bodegas to just accept bitcoin for any purchases.

Conley added that the trouble to place Krugman on the stand was an instance of a “basic fishing expedition.”

Efforts to succeed in Krugman by means of the Instances have been unsuccessful.

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