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New York City Mayor Wants Anti-PoW Crypto Bill Halted

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Crypto Bill Halted

New York City mayor Eric Adams has asked the state’s Governor Kathy Hochul to block a bill seeking for a moratorium for proof-of-work crypto miners citing its economic impact.

Source: CRAIN’s

BTCUSD is up +0.35%

The mayor says that he plans to proceed with the bill’s rejection of the two-year moratorium draft, saying that there will be an economic impact if it passes through. He adds that enacting the law will counter the gains made in the sector.

The proponent of the bill says that the proof-of-work consensus mining uses fossil fuels and may derail the steps made with the objective of cutting carbon emissions.

The sentiments by Adams have been echoed by the Blockchain Association, which noted that the bill will not lower carbon emissions but will ban the miners from operating in New York.

The legislation is expected to only affect new miners while exempting the existing miners who will have their license renewed. Adams is one of the politicians who fully support bitcoin and currently draws his salary with the digital asset.

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