Friday, the delegate of Maryland Adrian Boafo (D) and the assembly of New York Clyde Vanel (D) joint letter To the democratic leaders of the congress exhorting them to adopt complete legislation of cryptography at the federal level.
In the letter, elected officials cited New York State as a leader Drank To be used as a model for what federal regulations on cryptography should look like. The authors of the letter also noted that the state of New York had placed a two-year moratorium on the exploitation of cryptocurrency of the proof of work which uses fossil fuels (quoting this as something other than the federal government could consider doing).
It is by reading these points in the letter that I realized that the Democrats are able to offer ideas of Bitcoin and Crypto policy more than what the former vice-president Harris proposed in October 2024, which was “a regulatory framework for cryptocurrency and other digital assets (which protects) of black men who invest and have these assets”.
(Please note that I am in favor of a regulatory framework which protects the right of black men to invest in cryptographic assets. I am also in favor of the one who protects the law of Asian men, Hispanic men, white men and Aboriginal men to do the same.
That said, let me break down why the American federal government created something comparable to the applied Bit in New York and put a mining moratorium on bitcoin miners who use any amount of fossil fuels would be a bad idea.
And please forgive me in advance to be emotional at points. This question is personal for me because I am a resident of New York State and I underwent the damage that politicians and bureaucrats have caused the Bitcoin and State cryptography industry.
The bit applied
New York State requires that all the virtual currency companies operating in the state obtain a license.
At its nominal value, obtaining a license to exploit a company seems sufficiently harmless. But once you have learned that it takes months to fill all the documents and jump through all the hoops necessary to obtain one and that it Costs at more than $ 100,000 To go through this process, you quickly see why so many companies established in space – not to mention the start -ups at the start of the stage – do not even start the process.
Due to Bitlidense, residents of New York State cannot use deemed platforms such as Strike, River, Swan and Kraken. They cannot use Lightning on Cashapp or the exchange of fiat with bitcoin on the fold. It is only a question of appointing some of the Bitcoin / Crypto products and services that we cannot use due to the paperwork.
But what is perhaps more a slap opposite is that when you try to use some of these platforms as a resident of New York State, you have messages such as “this exchange is not used for residents of the courts, including New York State, Iran, Syria and North Korea.”
Fucking the business in which New York politicians and bureaucrats prompted New York residents.
If we were to apply the bit applied to the federal level, we will deeply stifle innovation and entrepreneurship, because not only we would greatly interfere with Bitcoin and Crypto companies which have the money and the resources to go through the process of obtaining a federal bit-lice, but that we would create a move around them while creating a scenario in which the start-ups allow yourself to follow the process or loved ones or not to serve as citizens.
A federal applied bit would be a major obstacle to the realization of President Trump of his goal of making the United States the Bitcoin superpower and the world capital of cryptography. (Maybe that’s why these Democrats have proposed it?)
The mining moratorium
Although I know that the combustion of fossil fuels is detrimental to the environment and I believe that climate change in human manufacture is a real thing, I am also a supporter of remunerated employees and that industries can flourish.
And in the north of New York, there was a significant lack of the two since the factories began to close in the region after the Second World War.
What has replaced paid employment in factories in many regions of New York State are jobs in the service sector that barely allow workers to reach both ends.
Urban burn in most cities in New York State is so palpable that it is nauseous.
What we could do to revive in the north of New York is to invite the Bitcoin mining industry. Of course, Bitcoin operating companies could burn fossil fuels to supply their operations at the start, but as Bitcoin mine encourages renewable energy productionThey could move away from fossil fuels as a source of energy.
In addition, if the tastes of the assembly Vanel and the governor of New York State, Kathy Hochul (D), are so against companies burning fossil fuels then 1) Why have they not put a moratorium on all the companies of the State which use fossil fuels? And 2) Why have they not promulgated laws that do things like preventing all New York residents from using cars that have internal combustion engines?
I ask these questions rhetorically, as I know, I would never get any answers from one or the other on this subject, because the mining moratorium is more for the show – the signaling of virtue, if you want – than everything.
If they really wanted to make a concerted effort to stop the environmental damage that burning fossil fuels in New York would do much more than banning Bitcoin operating companies which use fossil fuels to operate in the state (and they would eliminate New York economy in the process).
If we were to apply such a mining moratorium at the federal level, but not only many Americans, but we would also argue a large part of the hashrate for hostile foreign powers that use fossil fuels anyway to exploit Bitcoin anyway.
My plea for democrats
Please stop offering a regulation that will harm an industry that could otherwise provide many Americans with high quality jobs.
Please stop listening to the Boafo delegates, the Vanel deputy, or one of the democrats back to which this letter was sent, including the representative Maxine Waters (D-CA) and Senator Elizabeth Warren (D-MA).
Instead, start to take on the queues of more avant-garde democrats such as the member of the Ro Khanna Congress (D-CA), the member of the Congress Ritchie Torres (D-NY), and the former member of the Wiley Nickel Congress (D-NNA), the politicians who would like to see Bitcoin and the industry that surround him successful in the United States.
