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laws that they say are aimed at safely regulating Bitcoin companies. But the laws they are passing
are not constructive regulationsthey are designed to stymie innovation.
Bitcoin will continue to grow, because there is no real way to stop an innovation that people
demand and see value in. Innovation is like a stream of water. You can block it, but it will always
grow in size and eventually forge new rivers around the dam. Thats exactly what we are seeing
happen now: jobs, technology, and entrepreneurs are flowing right out of this country.
Earlier this month, the BitLicense passed in New York. Twelve leading Bitcoin companies
announced they would leave New York that day. Bitcoin sites offer notices on the homepage that
they dont serve Russia, North Korea or New York. Does that not alarm anyone? The financial
capitol of the United States, indeed of the world, is being left behind.
Do you not find it concerning that a state in the United States of America is appearing alongside
countries that are known for abusing their citizens rights? What kind of message does this send?
The BitLicense of New York passed and other states will likely continue to pass similar laws. These
laws will slow down Bitcoins growth here in America, but Bitcoin will continue to shape global
financial markets and change the way business is done all over the world. The question is whether
America will be there for it, or find itself playing catch up and working at a disadvantage to other
countries who were more receptive to innovative technology from the start.
It doesnt matter how much money lobbyists give, the laws that corrupt politicians pass, or how
many big companies work to eliminate Bitcoin. Its not going anywhere and there is nothing anyone
can do about that. Bitcoin connects the world financially just like the internet did.
The internet brought people online and Bitcoin is bringing money online.
I ask you to do your research, call upon experts, and spend time reading about the opportunities a
technology like Bitcoin can bring to our world. Read it with an open mind; pretend you are just
reading about the internet for the first time 20 years ago. Would you be skeptical? Of course.
Would there be concerns about regulation? Absolutely.
Passing regulations on Bitcoin now is a foolish and irresponsible decision. To do so is to assume
that one understands how the technology will develop, how it will be applied, and how many
applications it might have. These are the very early days of a very powerful technology, and it is
too soon to try to draw it into a regulatory box.
The United Kingdom missed an enormous opportunity with the automobile, but they learned an
important lesson. In fact, today the UK is leading the world in its support for Bitcoin technology by
passing laws that make it a favorable destination for companies all over the world. They
understand, as we should, that to compete in the global economy demands early adoption of new
technologies, not skepticism and heavy handed regulation.
You dont stay on top by stifling innovation; you stay on top by innovating. Its a truly scary path we
are headed down and you have the power to stop it. Will you?
We have always been a nation of pioneers, let us continue writing history with our inventions.
Sincerely,
Paul Puey
Co-founder & CEO of Airbitz