[I submitted the following this morning via email as a public comment to [email protected] as per instruction on this Reddit post with the subject line, “A PUBLIC COMMENT REGARDING THE PROPOSED NY STATE BITLICENSE.”]
New York has a relatively weak performing economy on a per capita basis. As one who has studied economics and policy at the doctorate level, I can say that many economists and leaders in economic policy around the world would attribute New York’s lagging performance to precisely these sorts of fiscally progressive policies: Licenses, regulations, taxes, and so on.
One way to counteract a lagging economy is to encourage technological growth. Unfortunately it now seems that New York would like to apply demonstrably bad policy in effect to discourage this technological growth.
This bitlicense would regulate a particularly useful kind of technology. Bitcoin is not some usual technological innovation. It addresses a fundamental issue in the U.S. economy, which is the issue of monetary manipulation. The U.S. central bank has created obvious problems to the U.S. economy as a matter of documented and long-standing history. Other central banks around the world have similar known effects on their respective economies.
Bitcoin eliminates the central bank’s monopoly on money, thereby producing competition and efficiency in the critical economic matter of money, which in turn effects all other sectors of the economy.
In conclusion, if you would like to pass this poor policy there is little that most of us can do besides submit public comment. I would comment, however, that you are only helping New York to shoot itself in the foot.
I’m sure New Hampshire would thank you for the jobs you will be soon be exporting if this goes through.