Mayor of New York, against banning cryptocurrency mining

 

Eric Adams is New York City's first pro-Bitcoin mayor.

New York Mayor Eric Adams will ask current state Governor Kathy Hochul to veto the two-year moratorium on cryptocurrency mining passed by the Senate earlier this month.

New York State Governor Kathy Hochul has not yet signed Bill A7389C, which passed the state Senate in early June. The Governor may not get to sign this bill in its current state.

The cryptocurrency community has been mobilizing to prevent a two-year moratorium on mining Proof of Work (PoW)-based cryptocurrencies, such as Bitcoin and Ethereum, from being passed in New York state.

If approved, mining of PoW cryptocurrencies based on carbon or fossil fuels will be stopped for two years, in order to study its environmental impact.

But the potential of this bill to impose a total ban on cryptocurrency mining in the future is mobilizing the community, which is seeking the support of Governor Hochul to veto said regulatory project.

The requests have been joined by the pro-bitcoin mayor of New York, Eric Adams, who, according to Crain's New York Business, will also ask Governor Hochul to veto the moratorium that New York wants to impose on crypto mining.

A few days ago, Hochul stated that he had not delved into the aforementioned bill and that this would take a couple of months.

Adams rejects the veto on crypto mining

Eric Adams is in favor of technological innovation. In fact, he wants to turn New York City into an important technological and digital center of world reference. During his election campaign, Adams proclaimed his optimism towards Bitcoin as an innovative technology, with the potential to transform the city into a major technology hub.

In January of this year, Adams received his first Bitcoin paycheck and in late April, he spoke out against the state's BitLicense licensing system, questioning that its strict scheme undermines New York's appeal as a forward-thinking, progressive state. 

In reference to cryptocurrency mining, Adams said that he agrees that methods should be devised that help minimize energy consumption, in order to make much more efficient use of this resource.

However, despite siding with environmentalists, according to the New York Post, he currently does not pass legislation that would ban PoW-based cryptocurrency mining radically.

According to the outlet, the mayor of New York pointed out that imposing this moratorium on crypto mining will not contribute significantly to reducing the energy consumption of cryptocurrencies, but rather will expel miners from the state, affecting innovation and technological development in the state. the same.

Other important 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 approached Governor Hochul to veto the aforementioned bill.