ShapeShift, one of the leading instant digital asset exchanges supporting dozens of blockchain tokens, stops working in Washington State.
— ShapeShift.io (@ShapeShift_io) 31 августа 2017 г.
The company claims that the decision is due to a new law, “Senate Bill 5031”, that should require a license for blockchain service providers operating in the state.
Under this interpretation of the law, we would now be required to ask permission from Washington before we buy and sell our own property for our own account. Moreover, we would be required to spend hundreds of thousands of dollars to maintain a license, only to extract our users’ personal information and store that information for hackers to steal.
In addition, the company argues that this position "endangers customers, stifles growth, and generates unnecessary frictional costs for young innovators".
We believe the position that Washington’s regulators have taken is unethical, wasteful, and reckless. ... As in New York, the future of finance will no longer flourish there.
Finally, as ShapeShift recently acquired one of the world’s leading hardware wallet companies, KeepKey, based in Washington, KeepKey will now be moving its headquarters away from the State permanently.