Adam Draper: New York's BitLicense will impair bitcoin start-ups

Adam Draper, CEO of Boost VC, has started a petition seeking a number of changes to New York's proposed BitLicense framework.

Firstly, the petition calls for limiting the amount of information New York regulators receive on digital currency start-ups to what is required by federal standards; secondly, that the BitLicense will keep away from using duplicative language already included in federal law; and lastly that regulators will approve what he calls a "sandbox of innovation in the financial markets".

He told CoinDesk that the BitLicense would complicate the process of supporting promising start-ups in the cryptocurrency ecosystem, particularly for accelerators like Boost, which provider early funding to potential innovators.

"The BitLicense frame work will definitely impair bitcoin startups from starting, which would impact my business negatively. My business is to drive innovation in technology, and over-regulation stops technology. It will not hurt the companies who have been well funded, or large funds, it will hurt the early staged start-ups", he said.