Eric Adams, the current mayor of New York, plans to ask Gov. Kathy Hochul to veto a bill that would provide for a two-year Proof-of-Work (PoW) ban, Adams said. Crane’s business in New York.
Opposing New York Assembly Bill A7389C, Adams said there would be significant economic damage to New Yorkers if passed. He added that:
When you look at the billions of dollars that are being spent on cryptocurrencies, New York is the leader. We cannot continue to put up barriers.
Adams is a supporter of crypto and has previously pledged to accept his first three crypto paychecks. Adams made good on his promise in January by earning his first paycheck in Bitcoin (BTC) and Ethereum (ETH), even as the tokens continued to fall from their November 2021 peaks.
Bill A7389C was passed by the State Assembly in late April and received the approval of a majority of New York State Senators on June 3. The bill is now awaiting Hochul’s signature to become law. However, the governor has yet to promise to sign the bill.
Hochul earlier said:
There is a balance involved here. I understand the passion on both sides of the issue here. We need to balance protecting the environment, but also protecting job opportunities that don’t generate a lot of activity.
The author of the bill claims that it promotes innovation
While Adams believes passing Bill A7389C into law will hurt New York’s economy, Anna Kelles — the legislator who wrote and sponsored the bill — believes it could spur more innovation, she said during an interview. New York Post.
Commenting on Adams’ decision to support cryptominers, Kelles said:
This took me by surprise and is deeply disappointing because it suggests that this bill will negatively impact cryptocurrencies in upstate New York. [but] what he is doing is asking us to go back to the stone age of cryptocurrencies.
Before that, Kelles explained that the bill does not provide for a complete ban on PoW mining. The law is a “huge pause button,” she said, targeting New York-based fossil fuel PoW miners, meaning 100% renewable PoW miners will be exempt from the ban.
She added that the bill is not retroactive and will not affect existing mining operations; Small PoW miners won’t have to stop their rigs if Governor Hochul signs the bill.
Credit : cryptoslate.com