Eric Adams, the incumbent Mayor of New York Metropolis, plans to ask Governor Kathy Hochul to veto a invoice seeking to impose a two-year ban on Proof-of-Work (PoW), Adams advised Crain’s New York Enterprise.
Talking out in opposition to the New York Meeting Invoice A7389C, Adams mentioned it will trigger New York residents important financial injury if handed into regulation. He added that:
Once you have a look at the billions of {dollars} which might be spent on cryptocurrency – New York is the chief. We are able to’t proceed to place boundaries in place.
Adams has a pro-crypto stance and beforehand vowed to simply accept his first three paychecks in crypto. Adams made good on his promise in January after receiving his first paycheck in Bitcoin (BTC) and Ethereum (ETH), even because the tokens continued plunging from their November 2021 peaks.
Invoice A7389C handed the State Meeting in late April and received the approval of nearly all of New York Senators on June 3. The invoice now awaits Hochul’s signature to develop into a regulation. Nonetheless, the governor is but to decide to signing the invoice into regulation.
Hochul beforehand mentioned:
There’s a balancing act that’s concerned right here. I perceive the eagerness on each side of the difficulty right here. We’ve to steadiness the safety of the surroundings, but in addition shield the chance for jobs that don’t see loads of exercise.
The invoice’s sponsor claims it fosters innovation
Whereas Adams believes passing Invoice A7389C into regulation will take a toll on the New York financial system, Anna Kelles – the lawmaker that wrote and sponsored the invoice – thinks it’d encourage extra innovation, mentioned this throughout an interview with the New York Put up.
Commenting on Adams’ choice to assist crypto miners, Kelles mentioned:
It took me unexpectedly and it’s deeply disappointing as a result of he suggests this invoice would negatively impression cryptocurrency in upstate NY [but] what he’s doing is asking us to return to the stone age of cryptocurrency.
Earlier than this, Kelles clarified that the invoice doesn’t name for a blanket ban on PoW mining. In line with her, the laws is a “big pause button” focusing on New York-based PoW crypto miners that use fossil fuels, which implies PoW miners that use 100% renewable vitality shall be exempt from the ban.
She added that the invoice shouldn’t be retroactive and won’t have an effect on current mining operations; small-scale PoW miners wouldn’t need to shut down their rigs if Governor Hochul indicators the invoice into regulation.
