His proposal, the BitLicense, was the first serious attempt to provide a regulatory lens onto this industry. A controversial piece of law, it revealed how even well-intentioned regulations can produce unintended consequences. When the BitLicense went into effect, there was a mass exodus of companies such as Bitfinex, GoCoin, and Kraken from New York; they cited the prohibitive cost of the license as a main cause. The few that stayed are well-capitalized and more mature businesses.
