The Governor of New York, Kathy Hochul has yet to publicly commit to signing the controversial Proof-of-Work (PoW) cryptocurrency mining ban bill, but has noted that her team will study the proposal “very closely” in the coming months. months.
If he signs the bill, fossil fuel-backed PoW cryptocurrency mining operations will no longer be able to establish or renew existing licenses in New York. Under the new regulations, only PoW operations backed by 100% renewable energy could operate.
The New York State Senate passed the bill on June 3 to the dismay of members of the cryptocurrency community, meaning that the bill’s fate now rests in the hands of Governor Hochul, who has the power to approve or veto legislation.
For now, it seems that the democrat has no intention of rushing the decision and may have a bigger fish to fry, since there will be primary elections on June 28.
During a press conference on Tuesday, Hochul chose not to draw a line in the sand regarding the POW ban, as he suggested the deliberation process could take a few months.:
“We will study all bills very, very closely. We have a lot of work to do in the next six months.”
today, New York’s Democratic gubernatorial candidates, including Hochul, Congressman Tom Suozzi and ombudsman Jumaane Williams, squared off in a pre-election debate.
Reporters like Josh Solomon of the Times Union followed the event live and noted that Hochul suggested that his team hasn’t had time to fully review the bill, but he does support the idea of reducing the environmental impact of fossil fuel mining plants..
Hochul now suggests her team hasn’t had time to review the bill for crypto proof of work moratorium of new licenses and supports the concept of preventing fossil fuel plants from doing any harm to the environment. https://t.co/SDCHvNyzpb
— Josh Solomon (@therealjsolo) June 7, 2022
Hochul now suggests that his team has not had time to review the bill for the Proof-of-work moratorium on new licenses and supports the concept of preventing fossil fuel plants from harming the environment. https://t.co/SDCHvNyzpb
In his speech on the bill at the end of last month, Hochul also highlighted the need to balance both environmental protection and job creation..
“We have to balance protecting the environment, but also protecting the opportunity for jobs that go to areas that don’t see much activity, and making sure that the energy that is consumed by these entities is properly managed.”
PoW mining has been a very divisive issue in New York for the last couple of years; Environmental groups like the Seneca Lake Guardian have spoken out, protested and lobbied against bitcoin (BTC) mining firm Greenidge Generation LLC in upstate New York on several occasions.
A long list of organizations, companies, and labor groups also signed a letter in October asking Governor Hochul to deny permits to PoW mining companies..
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.