Mayor Eric Adams believes there should be no barriers to cryptocurrency in New York.

Adams urges Hochul to veto fossil fuel-fueled crypto mining moratorium

Mayor Eric Adams is urging Governor Kathy Hochul to veto controversial legislation that would impose a two-year moratorium on cryptocurrency mining at legacy fossil fuel-fired facilities to help the state better meet its climate goals.

“I will ask the governor to consider vetoing the bill that would prevent cryptocurrency from going out of town,” Adams told Crain’s New York Business in an interview published Monday.

“When you look at the billions of dollars spent on cryptocurrency, New York is the leader. We cannot continue to put up barriers.”

Cryptocurrency transactions are recorded in a digital ledger called the blockchain, which requires enormous amounts of energy to produce. By lending computing power to this process, cryptocurrency “miners” are rewarded with newly minted pieces of digital currency such as Bitcoin or Ethereum.

Mayor Eric Adams believes there should be no barriers to cryptocurrency in New York.
Bloomberg via Getty Images

His opposition to the bill doesn’t sit well with Congresswoman Anne Kelles (D-Ithaca), who backed the bill along with state Senator Kevin Parker (D-Brooklyn).

“It surprised and deeply disappointed me because it suggests this bill will negatively impact cryptocurrency in New York. [but] “What he is doing is asking us to go back to the stone age of cryptocurrency.”

He added that the bill affects new cryptocurrency mining operations called “proof of work” for issuing virtual currency while verifying transactions, instead of a less energy-intensive technique known as “proof of stake” that is increasingly in vogue. technicians.

Gov. Hochul argues that in order to reduce greenhouse gas emissions in New York, the use of fossil fuels to print cryptocurrencies should be limited.
Robert Miller

A moratorium envisioned by the legislation would help promote the use of green energy instead of fossil fuels, he added.

Saying that Adams has not contacted him about the legislation, Kelles said, “This law can be seen as something that can encourage innovation…

Proponents of the legislation said that under the Climate Leadership and Community Protection Act, passed by the government, it is necessary to limit fossil fuels to issuing cryptocurrencies to help the state reduce greenhouse gas emissions by 85% by 2050 compared to 1990 levels. Legislature in 2019

Yvonne Taylor, Vice President of Seneca Lake Guardian, says Adams prefers cryptocurrency donors “over the needs of everyday New Yorkers.”

Parker did not respond to a request for comment Monday.

The mayor has been a cheeky cheerleader for adopting the cryptocurrency as mayor – even earning his first salary in Bitcoin despite its falling value.

Her recent reviews seem contradictory With its past position on supporting cryptocurrency rather than greenhouse gas-emiting crypto mining operations.

“Mayor Adams, who has an approval rating of 29% according to the latest Siena poll, is openly responsive to crypto donors on the needs of everyday New Yorkers, disrespecting his statement to the Legislature in February, saying: “I support it. Yvonne Taylor, vice president of environmental advocacy group Seneca Lake Guardian, cited Hizzonner’s falling numbers in a press release.

A spokesperson for Adams responded by stating how the mayor wanted to keep a booming industry afloat without unnecessary regulation.

“Mayor Adams believes that as we continue to chart our economic recovery, New York City should be at the forefront of the innovation economy that includes cryptocurrency and the web3. He worries that the government’s first-in-the-country crypto-mining ban is unnecessarily strict and risks sacrificing our competitive advantage when we can least afford it. “The administration is committed to working with the Governor and state legislators to create responsible regulations that address crypto mining-related environmental issues while continuing to foster the growth of this thriving industry in New York.”

Other opponents of the proposed moratorium argued that it would stifle job growth in economically distressed states, especially for businesses run by people of color.

Hochul, despite criticism from environmentalists, vice president Lt. Gov. He has received campaign donations from cryptocurrency interests as he worked with Antonio Delgado for a full tenure.

He has not yet made public whether he will sign the law.

Governors traditionally wait until the end of the year to decide the fate of the hundreds of bills passed by legislators each year.

“We have a lot of work to do over the next six months,” Hochul told reporters last week, when asked whether he would sign or veto the bill sooner or later.

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