Submitted as part of a recently closed public comment period, the measure has so far garnered support from companies such as Coinbase, Blockstream, BitPay, Circle and Ripple Labs, as well as notable developers and venture capitalists.
Overall, the petition seeks to convey the argument that it is unreasonable for the New York State Department of Financial Services (NYDFS) to apply its provisions equally across the industry, arguing that creators of open-source protocols, micropayments providers, security intermediaries and smaller entrepreneurs should be excluded from certain coverage.
The petition further included definitions for startups in each of its four proposed coverage areas, defining small startups as those that have been in operation for less than two years.
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