Billionaire investor Bill Ackman has urged the mayor of New York to consider regulatory measures on cryptocurrencies related to BitLicense.

The New Yorker took to Twitter to share their panic over the city’s erroneous encryption policy and how they could force it to drop it. The user has criticized the city’s Bitlicense policy and stated that because of this he can not open an account on any major US stock exchange for his venture capital firm.

Bitlicense was introduced in 2015 and regulates various aspects related to the issuance and exchange of cryptocurrencies. Any cryptocurrency company operating in the state of New York or managing such investments by New Yorkers must obtain a license before commencing operations. However, large crypto platforms are concerned that strict licensing requirements have led some to leave.

Billionaire Bill Ackman urged newly elected mayor Eric Adams and Gov. Katie Hochhol to address growing regulatory challenges. He stressed that removing regulatory barriers and easing regulations could be the key to turning the city into a hub for cryptocurrency. He said:

Eric Adams, the newly elected mayor who ran the election with crypto as his main agenda, has recently been criticized for his spokesman against bitcoin (BTC) mining in the state. During local government budget hearings with elected officials in Albany, Adams said he supported cryptocurrencies, not cryptocurrency mining.

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While many politicians over the past two years have shown a strong interest in the cryptocurrency industry, many of the politicians running for office have made cryptocurrencies the central agenda of their campaign. However, it seems that most of them use encryption as a campaign tool.

Source: CoinTelegraph