BitLicense 2014 vs IntLicense 1994: What if this had passed 20 years ago?
The Bitlicense regulation is bringing up memories of early internet regulation. What would have happened if today's Bitcoin regulation was applied to yesterday's Internet?
“We have sought to strike an appropriate balance that helps protect consumers and root out illegal activity – without stifling beneficial innovation”
We should all be fortunate that the statement above was ‘never’ made by Ron Brown; the former chairman of the Department of Commerce, which oversees the National Telecommunications and Information Administration.
Those were the words of the Benjamin M. Lawsky on July 17, 2014 in a statement introducing the proposed BitLicense regulation. But what if 20 years earlier on July 17, 1994 a document known as the IntLicense was released to the world for a 45 day review period by the public?
Would the majority of Americans know how to reply? How different would our world look today? Would we still have companies like Facebook, Twitter, Netflix, Google and countless other forms of technology we now take for granted. 1994 was a very critical time for the Internet as the first browser was just about to make its official press release on October 13th and people were just starting to get the feel for the AOL Instant Messenger and this radical new technology called email.
Over the last month, the comparisons keep being made of how this could have been the Internet itself that is being stifled of innovation. It’s understandable that no one want’s to read another 35 pages, but just think about all the technology that you take for granted today and you should recognize that the BitLicense is as detrimental to growth as the theoretical