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Jun 14, 2022
by Usha Yadav
New York Mayor Adams Plans to Ask Hochul to Veto Crypto Mining Bill
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According to Crain's New York Business, New York City Mayor Eric Adams will ask Governor Kathy Hochul to veto a crypto mining bill enacted on June 3 that would put a two-year moratorium on proof of work (PoW) mining in the state. The New York State Senate had enacted a bill aimed at proof-of-work (PoW) mining to address some environmental concerns around cryptocurrency. The law, passed by the state Assembly in May, would put a two-year embargo on new carbon-based fuel-powered PoW mining projects in the Empire State. However, existing mining companies or those awaiting permission renewal would be able to continue operations. The bill passed the Senate with a 36-27 vote.
Mayor Adams is Opposing the Crypto Mining Bill
He now opposes the bill, saying that "we can't continue to put barriers in place" for miners who want to contribute to the state's economy by spending billions of dollars on cryptocurrency in the form. He said,
"I'm going to ask the governor to consider vetoing the bill that will get in the way of cryptocurrency upstate."
According to the bill's Democratic sponsor, state Senator Kevin Parker of Brooklyn, there is currently only one such facility in operation unaffected by the legislation. He also mentioned that one pending application might be put on hold until the study is finished. The state will study the potential environmental impact of proof-of-work mining during the ban.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.