New York Mayor Opposes Crypto-Mining Moratorium

New York Mayor Eric Adams plans to ask Governor Kathy Hochul to veto a bill imposing a moratorium on cryptocurrency mining.

🚨 SCOOP 🚨 @CrainsNewYork I sat down with @NYCMayor Eric Adams today and learned he’s going to ask @GovKathyHochul to veto the #cryptocurrecy crypto mining bill that places a two year pause on new mining operations. Read it here: https://t.co/X0zjbJWJ8J

— Brian Pascus (@brianpascus) June 13, 2022

Adams believes the moratorium would harm the state’s economy. He is convinced that authorities should not create obstacles for miners who could contribute to the region’s development.

In April, the lower chamber of the New York State Legislature backed a two-year moratorium on issuing new cryptocurrency mining permits using energy generated from fossil fuels. 

In June, the state Senate approved the proposal. The document will take effect after it is signed by the governor.

Industry representatives said that the moratorium would drive crypto-mining businesses out of the state and would do little to advance the bill’s stated goals.

Adams is a cryptocurrency supporter. During his campaign he stated plans to make the city more crypto-friendly.

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