Clyde Vanel, a New York Assemblyman and Maryland Delegate Adrian Boafo sent the following message on Friday: joint letter Message sent to Democratic Congressional leadership urging passage of comprehensive crypto legislation on the federal level.
In their letter, elected officials noted that New York State was a leading state in the crypto-regulation field and recommended New York State be included as an example. BitLicense The federal regulation of cryptography should be based on this model. Authors of the letter also mentioned that New York State placed a two-year moratorium on proof-of-work cryptocurrency mining that uses fossil fuels It seems to be a suggestion that this is another thing the federal government could consider.
While reading the points made in this letter I came to realize that Democrats could put forth Bitcoin and crypto policies that were even dumber than former Vice-President Harris proposed What was the date of October 20, 2024? “a regulatory framework for cryptocurrency and other digital assets [that protects] Black men who invest in and own these assets.”
Please note that I am in favour of a framework which protects Black men’s right to invest in cryptocurrency assets. The same goes for Asian men as well as Hispanics, White men and Indigenous men. It’s also important that any Bitcoin or crypto policy we create in the U.S. protects the rights of transgender and women of all races.
I’ll explain the reasons why putting an end to mining for Bitcoin by miners who use fossil fuels is a bad thing.
Please forgive me for my emotional outbursts. The issue I am addressing is one that’s very close to my heart, since I live in New York State.
BitLicense
New York State demands that virtual currency companies operating within the state have a BitLicense.
It seems innocent enough to obtain a license for a business. Once you realize that it can take months or even years to get a license and jump through the required hoops, it becomes a serious issue. costs upward of $100,000 to go through this process, you quickly see why so many established companies in the space — never mind the early-stage start-ups — don’t even start the process.
BitLicense prevents New York State residents from using reputable platforms such as Strike, River Swan and Kraken. They cannot use Lightning CashApp and the fiat to bitcoin exchange at Fold. These are just a few examples of Bitcoin/crypto services and products that we cannot use due to red tape.
What’s more insulting is when, as an New York State resident you try to use these platforms you get messages such as “This exchange doesn’t serve residents of jurisdictions including New York State, Iran, Syria and North Korea.”
TRULY FUCKING STAGGERING THE COMPANY THAT NEW YORK POLITICIANS AND BUREAUCRATS HAVE PUT NEW YORK RESIDENTS IN.
The federal BitLicense would severely stifle entrepreneurship and innovation. It would not only create an artificial barrier for those Bitcoin and crypto businesses that are able to afford the cost of the federal BitLicense process, but also force them to shut down or stop serving U.S. customers.
The federal BitLicense is a significant obstacle to President Trump’s goal of making America the Bitcoin capital and superpower. It’s possible that this is why the Democrats put forward it.
Mining Moratorium
Even though I understand that the burning of fossil fuels has a negative impact on the environment and believe in climate change that is caused by human beings, I support industries that can flourish and people who are able to earn a living.
Since the end of World War II, factories have been closing in Upstate New York.
In many areas of Upstate New York, factory jobs have been replaced by service sector jobs which barely allow workers to survive.
It’s almost nauseating to see the urban decay in so many of New York State’s cities.
Invite the Bitcoin mining industries to New York. Bitcoin mining companies may use fossil fuels at first to run their operation, but they will eventually switch over. Bitcoin mining incentivizes renewable energy productionYou could stop using fossil fuels for your energy.
If Assemblyman Vanel, and New York State Governor Kathy Hochul, are against fossil fuel companies, then: 1) Why didn’t they impose a moratorium to all fossil fuel companies within the state? And 2) why haven’t the legislators enacted legislation that would stop all New Yorkers from driving cars with internal combustion engines.
I ask these questions rhetorically, as I know I’d never get answers from either of them on this, because the mining moratorium is more for show — virtue signaling, if you will — than anything.
They would do more to prevent Bitcoin mining firms that burn fossil fuels in New York from doing business in that state. (And they might even bring down New York’s economy in the process).
We would not only be putting many Americans out to work but also losing a large portion of our hashrate in favor of hostile countries who use fossil fuels for bitcoin mining.
My Plea To Democrats
You should stop trying to regulate an industry, which would otherwise create many high-quality American jobs.
You should stop listening to backward-thinking Democrats like Assemblyman Vanel and Delegate Boafo. Also, Rep. Maxine water (D, CA) or Senator Elizabeth Warren, (D, MA), to whom this letter is addressed.
Start taking your queues instead from Democrats who are more progressive, like Ro Khanna in California and Ritchie Torres in New York. former Congressman Wiley Nickel (D-NC)Politicians in America who wish to see Bitcoin succeed and its industry.
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Source: bitcoinmagazine.com
