Mayor Eric Adams Wants New York Governor to Veto Statewide PoW Mining Moratorium

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Mayor Eric Adams Wants New York Governor to Veto Statewide PoW Mining Moratorium By Hannah Perez

Although he previously said that he does not support crypto mining, Adams will suggest to Governor Hochul that she veto the controversial New York bill.

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  • Mayor of NY asks that a bill on crypto mining not be enacted.
  • The bill will impose a 2-year moratorium on new coal-powered PoW miners.
  • The Governor’s signature is still pending. Hochul.

New York City Mayor Eric Adams has spoken out against the bill that seeks to impose a two-year moratorium on new proof-of-work (PoW) crypto mining projects powered by non-renewable energy.

According to the medium CrainsAdams plans to ask New York State Governor Kathy Hochul to veto the moratorium. as reviewed DailyBitcoinThe New York Senate approved a bill on June 3 that seeks to curb new crypto mining operations in an effort to address some of the environmental concerns about these assets.

As such, the bill will pause the issuance of new permits for PoW cryptocurrency mining projects, such as Bitcoinin the state of NY that are based on carbon energy for a period of 2 years. Although existing mining companies or those currently in the process of renewing permits would not be affected.

During the 24 months of the moratorium, the state will carry out a study on the potential environmental impact of trial-of-work mining. The Senate voted 36-27 in favor of the bill, but still needs to be signed Hochul for official promulgation.

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Adams asks for a veto for the “prohibition”

as collected DecryptMayor emerged in the interview that an official promulgation of the legislation “Will Get in the Way of Upstate Crypto“. He also argued that cryptocurrencies are an undeniable part of the New York economy and for that reason we can’t keep putting up barriers”.

Adams’ comments appear to be in line with other enthusiasts in the sector, who have suggested that the bill, if passed, could curb innovation and growth in the industry in that state, as well as send the wrong message to crypto firms. , making New York a less attractive jurisdiction for these projects.

At the beginning of the month, after the approval of the Senate, a group of miners and enthusiasts argued along these lines against the project in a lobbying effort to convince the governor to veto the moratorium.

Since its introduction last year, the bill has enjoyed much controversy among the crypto community; and for a moment the proposal was even described as a “prohibition” mining total. However, others maintain that the scope of the project is relatively limited, since it will not affect crypto mining companies currently operating in the state, nor will it prevent them from renewing their permits.

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Instead, the bill would limit them from raising their energy consumption above their current levels, which some may see as beneficial in promoting more sustainable mining operations in that state.

Mayor defends the crypto industry

as reported Decrypt, Governor Hochul’s approval or disapproval of the bill remains an open question. She had previously told reporters that crypto mining could create more jobs in the state.

Meanwhile, Adams’s stance on cryptocurrency mining has not always been optimistic. Although the mayor has spoken out in favor of cryptocurrencies and their underlying technology, in a similar vein to his contemporaries, Francis Suárez (from Miami) and Scott Conger (from Jackson), he previously argued that did not support crypto mining.

Under Adams’ leadership, New York City became the second in the US after Miami to promote its own cryptocurrency. In partnership with the projectCity Coins“, the city launched NYCCoina digital currency used to finance city projects and other local initiatives, including rewarding good citizen practices.

Adams has also followed in Suarez’s footsteps to receive his salary in Bitcoin Y Etherwhile also going to lawmakers to defend the digital currency industry.


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Article by Hannah Estefanía Pérez / DailyBitcoin

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

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