Michael Saylor, CEO of Microstrategy and a Bitcoin advocate, tweeted his concerns about the proposed regulation of bitcoin energy use in New York.
According to him, the regulation is dangerous for the environment as well as for the overall economy and reputation of New York.
He said that this regulation demonstrates how the law can be manipulated maliciously to harm a competitor.
He asked everyone to speak up on the matter if it disturbs them and report it to the NY Senate.
The proposed regulation of #Bitcoin energy use in New York is damaging to the environment, reputation & economy of NY and demonstrates that the law can be manipulated maliciously to harm a competitor. If this disturbs you, please let the NY Senate know.https://t.co/h4gec4qOVX
— Michael Saylor⚡️ (@saylor) May 4, 2022
The New York State Assembly recently enacted legislation (A.7389-C/S.6486-C) that will put a halt to proof-of-work mining activities in the state and set a hazardous precedent for other states to follow.
The planned embargo will have a wide-ranging detrimental impact on the digital asset sector and its future.
Not only would it harm New York’s innovative economy, but it would also kill crucial green jobs, many of which are held by union members.
Furthermore, it jeopardizes America’s position as a worldwide leader in the digital asset sector at a key moment in our business.