NYC Mayor plans to ask Governor Hochul to veto crypto mining bill

Eric Adams, the incumbent Mayor of New York City, plans to ask  Governor Kathy Hochul to veto a measure looking to enforce a two-year prohibition connected Proof-of-Work (PoW), Adams told Crain’s New York Business.

Speaking retired against the New York Assembly Bill A7389C, Adams said it would origin New York residents important economical harm if passed into law. He added that:

When you look astatine the billions of dollars that are spent connected cryptocurrency – New York is the leader. We can’t proceed to enactment barriers successful place.

Adams has a pro-crypto stance and antecedently vowed to judge his archetypal 3 paychecks successful crypto. Adams made bully connected his promise successful January aft receiving his archetypal paycheck successful Bitcoin (BTC) and Ethereum (ETH), adjacent arsenic the tokens continued plunging from their November 2021 peaks.

Bill A7389C passed the State Assembly successful precocious April and won the support of the bulk of New York Senators connected June 3. The measure present awaits Hochul’s signature to go a law. However, the politician is yet to perpetrate to signing the measure into law.

Hochul antecedently said:

There is simply a balancing enactment that’s progressive here. I recognize the passionateness connected some sides of the contented here. We person to equilibrium the extortion of the environment, but besides support the accidental for jobs that don’t spot a batch of activity.

The bill’s sponsor claims it fosters innovation

While Adams believes passing Bill A7389C into instrumentality volition instrumentality a toll connected the New York economy, Anna Kelles – the lawmaker that wrote and sponsored the measure – thinks it mightiness promote much innovation, said this during an interrogation with the New York Post.

Commenting connected Adams’ determination to enactment crypto miners, Kelles said:

It took maine by astonishment and it’s profoundly disappointing due to the fact that helium suggests this measure would negatively interaction cryptocurrency successful upstate NY [but] what helium is doing is asking america to spell backmost to the chromatic property of cryptocurrency.

Before this, Kelles clarified that the measure does not telephone for a broad prohibition connected PoW mining. According to her, the authorities is simply a “huge intermission button” targeting New York-based PoW crypto miners that usage fossil fuels, which means PoW miners that usage 100% renewable vigor volition beryllium exempt from the ban.

She added that the measure is not retroactive and volition not impact existing mining operations; small-scale PoW miners would not person to unopen down their rigs if Governor Hochul signs the measure into law.

The station NYC Mayor plans to inquire Governor Hochul to veto crypto mining bill appeared archetypal connected CryptoSlate.