New York Mayor Eric Adams will ask current New York Governor Kathy Hochul to veto the two-year moratorium on cryptocurrency mining approved by the Senate earlier this month.
New York State Governor Kathy Hochul has not yet signed the bill A7389C, passed by the state Senate in early June. The governor may not sign this bill in its current state.
The cryptocurrency community has been mobilizing to prevent a two-year moratorium on Proof of Work (POW)-based cryptocurrency mining from being lifted.PoW), such as Bitcoin and Ethereum, to be approved in New York State.
If approved, PoW cryptocurrency mining based on carbon or fossil fuels will be halted for two years in order to study its environmental impact.
But the potential for the bill to impose a complete ban on cryptocurrency mining in the future is mobilizing the community, which is seeking the support of Governor Hochul to veto the regulatory project.
The pro-bitcoin mayor of New York, Eric Adams, has joined the calls, who, according to the report Crain's New York Business, will also ask Governor Hochul to veto the moratorium that New York wants to impose on crypto mining.
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A few days ago, Hochul said she had not gone into the bill in depth and that it would take a couple of months.
Adams rejects ban on crypto mining
Eric Adams is in favor of technological innovation. In fact, he wants to turn New York City into a major technological and digital center of global reference. During his election campaign, Adams proclaimed his optimism towards Bitcoin as a breakthrough technology, with the potential to transform the city into a major technology hub.
In January of this year, Adams received his first paycheck in Bitcoin And in late April, he spoke out against the state's licensing system, BitLicense, arguing that its strict scheme undermines New York's appeal as a progressive, forward-thinking state.
Regarding cryptocurrency mining, Adams said he agrees that methods must be devised to help minimize energy consumption, in order to make much more efficient use of this resource.
However, despite being on the side of environmentalists, according to the New York Post, it currently does not approve of legislation that would ban the mining of PoW-based cryptocurrencies in a radical way.
According to the outlet, the mayor of New York noted that imposing this moratorium on crypto mining will not significantly contribute to reducing the energy consumption of cryptocurrencies, but rather will drive miners out of the state, affecting innovation and technological development there.
Other prominent figures in the crypto industry, such as the Blockchain Association, have also spoken out against the ban on cryptocurrency mining in New York and have addressed Governor Hochul to veto the aforementioned bill.
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