Although the Major previously highlighted that he does not support crypto mining, Adams will suggest to Governor Hochul that she veto the controversial New York bill.
New York City Mayor Eric Adams opened up against the policy that intends to apply a two-year moratorium on new proof-of-work (PoW) crypto mining projects fueled by non-renewable energy.
According to Crain’s, Adams intends to ask New York State Governor Kathy Hochul to dismiss the moratorium. The New York Senate said yes to a law on June 3 that plans to restrain new crypto mining activities to include some environmental concerns about these currencies and the mining.
As such, the bill will stop the distribution of new permits for PoW crypto mining plans, such as Bitcoin, in the state of NY that focuses their activities on carbon energy for two years.
During the 24 months of the moratorium, the state will apply research on the potential environmental impact of trial-of-work mining. The Senate voted 36-27 to favor the bill, but Hochul’s approval is yet to get officially signed into an enacted policy.
Adams Asks for a Dismiss of the Prohibition
According to Decrypt, The Mayor explained that an official enactment of the policy would stand in the way of digital assets in the upstate. He also stated that digital assets are an undeniable part of the New York economic archetype, and they cannot keep posing as obstacles to stop their advance.
Adam and his comments seem to run in parallel with that of other enthusiasts in the crypto space, who suggested that the bill could hold back improvement and evolution in the industry in that state. According to these opponent enthusiasts, this bill could send the wrong message to crypto companies, substracting a significant attraction and interest in New York as a place with jurisdiction for these activities.
Since its introduction last year, the bill became part of controversy among the crypto community and got even described as a total prohibition on activities linked to crypto mining.
However, others keep focused on the project and say that it got relatively limited since it will not impact crypto mining entities currently carrying out their activities in the state, nor will it prevent them from complying with the upgrade of their permits.
Instead, the bill would set a limit and keep them from raising their energy consumption above the approved levels, which some thought it is beneficial in encouraging more sustainable mining activities in the region.
Mayor Defends the Crypto Space
Gov. Hochul’s approval or disapproval of the bill remains a matter under discussion. She had previously told reporters that crypto-mining could generate more labor potency in the state.
Meanwhile, its stance of Adams on crypto mining has not always been that optimistic. Although the mayor once spoke with sympathy about digital assets and their underlying technology, in a similar vein to his contemporaries, Francis Suárez (from Miami) and Scott Conger (from Jackson), the representative previously affirmed that he did not back up crypto mining activities.
Under the leadership of Adams, New York City became the second in the US after Miami to encourage the creation of their asset. In partnership with the City Coins project, the city released NYCCoin, an asset employed to empower the investment over city projects and other local initiatives.
By: Jenson Nuñez
