New York Mayor Eric Adams plans to ask Governor Kathy Hokul to veto a moratorium on cryptocurrency mining.
Adams believes that a moratorium would hurt the state’s economy. He is convinced that the authorities should not create obstacles for miners who can contribute to the development of the region.
Recall that in April the Lower House of the New York State Legislature supported a bill establishing a two-year moratorium on issuing new permits for cryptocurrency mining using electricity generated from hydrocarbon sources.
In June the State Senate approved the proposal.
The document will take effect after the governor signs it.
Industry representatives said the moratorium would lead to an exodus of cryptocurrency mining businesses and would do little for the bill’s stated goals.