NEWSLETTER
On Friday, Maryland delegate Adrian Boofo (D) and New York Assemblyman Clyde Vanel (d) sent a <a target="_blank" href="https://www.dropbox.com/scl/fi/h6oo8a78k1e7229cmpdyk/Delegate-Adrian-Boafo-and-Assemblyman-Clyde-Vanel-Letter-on-crypto.pdf?rlkey=wserx7ukzvj3o28i841x1dls6&e=2&st=te7diy3n&dl=0″ target=”_blank” rel=”noopener”>Joint letter to Democratic leaders of Congress who urge them to approve comprehensive cryptographic legislation at the federal level.
In the letter, the elected officials cited the state of New York as a leader in cryptographic regulation and proposed that the New York Bithéico Being used as a model for how cryptographic federal regulation should be. The authors of the letter also pointed out that the state of New York has placed a two -year moratorium in the proof of work cryptocurrency that uses fossil fuels (apparently citing this as more than the federal government could consider doing).
It was when reading these points in the letter that I realized that the Democrats are capable of presenting bitcoin policy and cryptography ideas more so than what former vice president Harris proposed in October 2024, that it was “a regulatory framework for cryptocurrency and other digital assets (which protects) the black men who invest and possess these assets.”
(Note that I am in favor of a regulatory framework that protects the right of black men to invest in cryptographic assets. I am also in favor of one that protects the right of Asian men, Hispanic men, white men and indigenous men to do the same. Oh, and I would like any bitcoin and crypto policy, either in the United States to protect the right of women and All race to the race to the race to the race to the race to the race to the race to the race to the race to the Crycoin.
That said, allow me to break down why the United States federal government creates something comparable to the New York Bitícense and put a mining moratorium in bitcoin miners who use any amount of fossil fuels would be a bad idea.
And please forgive me in advance for being emotional at the points. This problem is personal for me, since I am a resident of the state of New York and I have experienced first -hand the damage that politicians and bureaucrats have made to the bitcoin and crypto industry in the state.
The Bitlicense
The state of New York requires that all virtual currency companies operate in the state obtain a Bitlicense.
At its nominal value, obtaining a license to operate a business seems quite harmless. But once he finds out that he has been completing all the paperwork for months or jumping through all the hoops required to obtain one and that It costs more than $ 100,000 To go through this process, you quickly see why so many companies established in space, regardless of new companies in the initial stage, do not even begin the process.
Due to Bitlicense, residents of the New York state cannot use good reputation platforms such as Strike, River, Swan and Kraken. Nor can they use Lightning in Cashappp or the Fiat-To-bitcoin exchange in the fold. This is only to name some of bitcoin/crypto's products and services that we cannot use due to bureaucracy.
But what is perhaps more slapped is that when he tries to use some of these platforms as a resident of the state of New York, messages such as “this exchange does not serve the residents of jurisdictions, including the state of New York, Iran, Syria and North Korea.”
Truly fucking amazing of the company in which New York politicians and bureaucrats have put New York residents.
If we apply the Bitícense at the federal level, we would deeply suffocate innovation and entrepreneurship, since we would not only hinder the bitcoin and cryptographic companies that have the money and resources to go through the process of obtain Citizens
A federal Bitlicense would be a great obstacle for President Trump to achieve his goal of making the United States the superpower of bitcoin and the world's cryptographic capital. (Is that why these Democrats proposed it?)
The mining moratorium
While I know that burning fossil fuels is harmful to the environment and I believe that the climate change made by the human is something real, I am also a defender that people are employed and industries that can bloom.
And in the state of New York, there has been a notable lack of both since the factories began to close in the region after World War II.
What is replaced by the paid employment in the factories in many parts of the north of the state of New York are works of the services sector that barely allow workers to reach the end of the month.
The urban blight in most cities in the state of New York is so palpable that it is nauseabundo.
What we could do to revive the state of the state of New York is to invite the bitcoin mining industry. Of course, bitcoin mining companies could burn some fossil fuels to feed their operations at the beginning, but as <a target="_blank" href="https://news.cornell.edu/stories/2023/11/bitcoin-could-support-renewable-energy-development” target=”_blank” rel=”noopener”>bitcoin mining encourages renewable energy productionThey could move away from fossil fuels as their energy source.
In addition, if the tastes of the assemblyman Vanel and the governor of the state of New York, Kathy Hochul (D), are against companies that burn fossil fuels, why have they not put a moratorium in all state companies that use fossil fuels? and 2) Why have they not promulgated laws that do things such as preventing all New York residents from using cars that have internal combustion engines?
I ask these questions rhetorically, since I know that I would never get answers from any of them in this, because the mining moratorium is more to show, signage of virtue, if you wish, than anything else.
If they really wanted to make a arranged effort to stop the environmental damage that fossil fuels burn in New York, they would do much more than prohibit bitcoin mining companies that use fossil fuels to operate in the state (and eliminate the New York economy in the process).
If we applied a mining moratorium of this type at the federal level, we would not only leave many Americans without work, but also would yield much of the hashrate to hostile foreign powers that use fossil fuels to extract bitcoin anyway.
My plea to the Democrats
Please, cease to propose regulation that harms an industry that could otherwise provide many Americans for high quality jobs.
Stop listening to the tastes of Delegate Boofo, the Assemblyman Vanel or any of the Democrats of backward thought to which this letter was addressed, including the representative Maxine Waters (D-CA) and Senator Elizabeth Warren (D-MA).
Instead, he begins to take tails of more Democrats with a vision of the future such as Congressman Ro Khanna (D-CA), Congressman Ritchie Torres (D-NY) and former congressman Wiley Nickel (D-C), politicians who would like to see bitcoin and the industry that surrounds him in the United States.
