Delegate Adrian Boafo of Maryland and Assemblyman Clyde Vael from New York will send a common letter to democratic congress leaders to bring a comprehensive crypto regulation at the federal level. In the relevant letter, it was stated that the regulation of Bitlicense implemented by the New York Province and two -year oil for mining activities using fossil fuel could be taken as an example.
Bitlicense model
The letter suggests that the New York Bitlicense application should be taken as a basic model in the federal regulation. Due to difficult and costly processes for crypto businesses in New York, the license can take a long time and are considered costly. This leads to restricting the access of the state residents to some leading platforms. It is thought that the relevant regulation may adversely affect innovation and entrepreneurship in the sector.
The letter stated that the two -year ban on fossil fueling mining activities should be taken into consideration. It is stated that environmental impacts and elements of protection of human resources are emphasized, and it is expressed that this practice may harm economic vitality. In particular, it is stated that early initiatives will be difficult to reach the process and the competitive environment will narrow.
In -party criticism and suggestions
The author of the letter argues that the existing regulation proposals prevent developments in the sector and that crypto assets should be supported by more pioneering policies. It is suggested that some of the names within the Democratic Party defend the old regulation models and that approaches that may restrict technological developments may have negative effects on economic growth and employment.
Bitlicense -like arrangements to be applied at the federal level provide advantages to companies with large resources, while small initiatives are thought to restrict their activities. This may lead to negative impact of national competitiveness and economic dynamics.
Within the scope of the project, the regulation is expected to contribute to the establishment of a balance between sector productivity and environmental sensitivity. However, if the proposed prohibitions are applied, there may be serious effects on employment rates and local economies.
In this discussion, where there are different opinions between the parties, it is important to evaluate the arrangement to be brought and to obtain the opinions of all stakeholders.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
