Second Amendment, the US constitution is notorious. The right to bear arms is a national characteristic of the US. Others will argue that the US wouldn’t be a country without a second amendment. What is going on in the bitcoin regulatory world could become the legal foundation of the US.
You have the right to “keep and bear Arms” The purpose of the clause was to ensure national defense, prevent federal tyranny and maintain a balance between people, state and federal governments. They believed a federal standing army, created by the Constitutional Convention gave too much power to the federal government and could lead to violent oppression. District of Columbia, v. Heller was the 2008 Supreme Court ruling that established the Second Amendment as protecting an individual’s right to self-defense. In 2010, McDonald v. City of Chicago extended this ruling to local and state laws. It’s not necessary to go deeper into it. Now let’s see how Bitcoin is related to it.
It is fair to say that the last five years have been a rough time for US Bitcoiners, and more specifically US miners. A combination of cheap energy and free markets (the last one may have been more important) has created a large market and community for Bitcoin mining companies. The uncertainty of tax laws made it difficult for these companies to operate. You can’t run a successful business if you’re not sure how to do your taxes. The US looked more like an undeveloped country when it came to doing business.
A high pressure was also put on by the MiCa regulation of the European Union. A massive law which defines nearly every aspect of Web3 economics. This is a true example of European bureaucracy. Some people say the regulation brings comfort, but it is also strict. After that, many companies set up branch offices in the EU with full relocation in mind. The USA seemed to be losing out on crypto.
In the last few months, a couple of things have occurred. This is a potentially groundbreaking event, and I say this as an attorney. It’s the initiative to right-to-mine. Satoshi Action Fund published a template “Right to Mine” Bill to protect commercial crypto mining operations from local regulation and oversight. This model bill includes:
- Ban localities enacting noise ordinances and zoning laws that would limit noisy crypto-mining facilities.
- Stop utility regulators from properly monitoring crypto-mining operations and setting electricity rates that take into account costs, grid impact, and other consumer effects.
Now, several states have adopted or proposed legislation similar to the one in California. “Right to Mine” Arkansas, Montana Missouri Mississippi Louisiana Virginia and Virginia. These laws are designed to shield crypto mining from interference by the government. This common effort aims to establish a “fundamental Bitcoin right” It is this that stops states or localities from properly managing and restricting crypto mining.
The Second Amendment as well “right to mine” The bills were rooted in the desire to preserve rights for individuals and states, while limiting government intervention. The two bills aim to create a power balance between the federal and state governments, as well as the public/private sector. Both share similar values. Both could lead to the same results.
The question of whether mining cryptocurrencies should be centralized or decentralized is also gaining traction. Some states are trying to regulate or restrict mining because of environmental concerns. Satoshi Action Fund lobbyists and others are pushing for the ban of mining. “right to mine,” A decentralized approach is promoted without an excessive amount of government intervention.
Satoshi Fund could give the Web3 Economy in the US an economic boost similar to that seen after WWI. This initiative shows, perhaps Web3 doesn’t need a great deal of well-developed regulation. The market will take care of the rest. It is interesting to note that the European Union has a completely different strategy. It’s hard to say which is the better approach, but I am sure variety will lead to competition in regulation. Competition is good for everyone.
It was revolutionary in US History. The Right to Arm was a groundbreaking event in US history. It focused more on the external enemy, but allowed people defend their independence and freedom. Right to mine, or Fundamental Bitcoin Right, is focused more on financial freedom.
The last few years I was very pessimistic as an attorney who is not from the US. It seemed to me that the US was no longer what it once used to be. Bitcoin is facing an entirely different reality from previous generations that made the US economy one of the best in the world. I’m now convinced that the US economy is still a strong one, but it has a spirit to it. This spirit seems to be much more linked to Web3 than at first glance.
Artem Afian has written a guest blog. The opinions expressed by the authors are their own. own These views do not reflect the opinions of BTC Inc.
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Source: bitcoinmagazine.com