Michael Saylor: New York’s Proposed Bitcoin Law is Damaging to the Environment, Reputation and Economy of the State

Ethereum World News
Ethereum World News May 5, 2022
Updated 2022/05/05 at 10:03 AM
4 Min Read

Quick summary:

  • Microstrategy CEO, Michael Saylor, has said that the proposed Bitcoin and crypto regulation based on energy use in New York is damaging to the environment, reputation, and economy of the state
  • Mr. Saylor sees the proposed bill as a demonstration of how the law can be manipulated maliciously
  • He has also requested his Twitter followers to let the New York Senate know that the bill has many negative consequences

Microstrategy CEO Michael Saylor has chimed in on the proposed law by legislators in the State of New York to ban proof-of-work mining operations on the premise that such activities are detrimental to the environment.

According to Mr. Saylor, the proposed regulation ‘is damaging to the environment, reputation and economy of the state of New York. Furthermore, the proposed legislation demonstrates how ‘the law can be manipulated maliciously to harm a competitor.’

Please Let the New York Senate Know – Michael Saylor

Mr. Saylor shared his insights into the situation of the proposed bill to ban proof-of-work mining in New York through Twitter. He also urged his social media followers on the platform to let the New York Senate know that the bill was not a good idea.

He shared a link to an online petition by the Chamber of Digital Commerce that reiterated that if the bill went through, it would set a dangerous president for other states to follow. Consequently, it would have many adverse effects on the entire digital asset space and America’s standing as a leader in the industry.

The petition said:

The New York State Assembly recently passed legislation (A.7389-C / S. 6486-C) that would create a moratorium on proof-of-work mining operations in the state and establish a dangerous precedent for other states across the country to follow.

The proposed moratorium would have many negative consequences for the digital asset industry and its future. Not only would it significantly hinder New York’s innovation economy, but also it would eliminate important green jobs, many of which are filled by Union employees.

Further, it threatens America’s standing as a leader in the global digital asset marketplace at a critical juncture for our industry.

How to Notify the New York Senate That the Bill is Harmful to the Crypto Industry

The petition outlines the following ways in which the crypto community can help.

  • Emailing the Senate Leadership through this link to ask them to vote NO to the bill
  • Contact the NY Senate Leadership to ask them to vote NO. Their contacts are

Senate Majority Leader Andrea Stewart-Cousins: (518) 455-2585, [email protected]
Senate Deputy Majority Leader Michael Gianaris: (518) 455-3486, [email protected]
Senate Finance Committee Chair, Senator Liz Krueger: (212) 490-9535, [email protected]
Economic Environmental Conversation Committee Chair, Senator Todd Kaminsky: (516) 766-8383, [email protected]

  • Call New York State Senators directly to let them know your thoughts and opinion on the bill

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