Adams said New York is still focused on becoming a crypto hub, but statewide efforts to reduce emissions can be combined with this goal.
New York City mayor Eric Adams is still focused on making New York a crypto hub, but he believes that goal can be combined with statewide efforts to curb environmental costs related to crypto mining, according to reports on Nov 25.
The comments follow the new law signed by New York governor Kathy Hochul, banning proof-of-work (PoW) mining activities for two years in the state. The mayor, known as a crypto proponent, said in June he would ask the governor to veto the bill.
The city will work with legislators to find a balance between the crypto industry development and legislative, Adams told The NY Daily News:
“I’m going to work with the legislators who are in support and those who have concerns, and I believe we are going to come to a great meeting place.”
The PoW mining moratorium will not only prohibit new mining operations but also refuse the renewal of licenses to those who are already operating in the state, as reported by Cointelegraph. Any new PoW mining operation in the state could only operate if it uses 100% renewable energy.
Related: New York governor signs PoW mining moratorium into law
The United States leads Bitcoin mining hash rate share by country, with 37.8% of Bitcoin network hash rate coming from the country. PoW mining’s two-year moratorium could prove costly and even set a domino effect for other states to follow.
“We must become a welcoming place for all technology. And crypto is part of the overall technology we’re looking at,” Adams said. “The question is: how do we make smart choices so that New York City — and America — is a leader in this new technology?”, stated Adams.
Following his election, the politician said on Twitter that he would take his first three paychecks in cryptocurrency and announced his intention to make NYC the “center of the cryptocurrency industry”.
New York has some of the strictest crypto exchange rules in the United States. In June 2015, the state introduced the BitLicense regulatory regime, which has been criticized for being hostile to crypto. The BitLicense applies to crypto organizations involved in transferring, buying, selling, exchanging or issuing crypto.