Treating bitcoin as a currency rather than a commodity such as in the United States is important for a number of reasons. By removing value-added taxation, bitcoin can flow freely between other currencies and is not subject to sales tax when transferred. With this ruling, many of the top bitcoin businesses in Europe are breathing a sigh of relief.

Although history provides us with golden examples so that we may not succumb to the mistakes of our predecessors, often we do not heed its call. Even now, it appears the New York Department of Financial Services is serving up regulations which could ultimately hurt a dynasty in what is otherwise a jurisdiction known for its financial prowess.