A number of open-source organizations say that if this act becomes law, it will do damage to open-source, both in Europe and globally.
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I agree, power to regulate should be given to knowledgeable people who understand what they are ruling about. At least proprietary software using open source libraries and frameworks (released unfer LGPL or Apache or MIT licenses) is not affected and can continue to sponsor FOSS development so this is not the end at all. What I said is that maybe communities will find a way to continue operating however.