They also say Prime Minister Rishi Sunak can forget about the UK becoming a technology superpower if that happens, as tech firms will leave London and no one will want to start a business here.
Last week, the Government proposed a series of new amendments to the Online Safety Bill, which include the possibility of criminal liability for senior technology executives.
“It’s going to be an incredibly chilling effect on the whole London tech scene,” Elements’ chief executive and chief technology Matthew Hodgson told The Standard.
“If I’m going to start a company, I’m not going to do it in London anymore — I’ll go somewhere else because they’re not going to lock me up if someone decides to do something horrible to someone else on my platform.”