New York

New York Mayor Wants A Balance Between Crypto Adoption And Regulatory Concerns

  • The Mayor of New York City, Eric Adams, has maintained his positive stance on cryptocurrencies and Bitcoin (BTC) and revealed that his goal of turning the state into a crypto hub remains intact.
  • This statement follows a new law that New York Governor Kathy Hochul signed which bans proof-of-work (PoW) mining operations for a period of two years in the state.
  • Adams stated that he plans to align his goals with the statewide efforts to reduce the environmental impacts of crypto mining activities.
  • The two-year ban on PoW mining might even cause other states to jump on board and interestingly most of the hashrate comes from the US.

New York City Mayor Eric Adams, who is known for his positive stance toward the crypto industry, has grabbed headlines after his recent statements. He believes that the goal of making New York a crypto hub can be combined with statewide efforts to reduce the environmental impacts of crypto mining activities.

Interestingly, this statement follows in the footsteps of the collapse of the former multi-billion dollar crypto exchange FTX, an event which has attracted the attention of multiple regulators across the globe.

The remarks come in response to a new law that New York Governor Kathy Hochul signed that bans proof-of-work (PoW) mining operations for a period of two years in the state. A well-known supporter of cryptocurrency, the mayor declared in June that he would urge the governor to veto the bill.

Hochul, who explained her decision in a memo, pledged to “ensure that New York continues to be the center of financial innovation, while also taking important steps to prioritize the protection of the environment.”

After the bill is put into law, the city will work with legislators to strike a balance between the expansion of the cryptocurrency industry and legislative requirements, as Adams told The NY Daily News.

He stated:

“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 restrict fresh mining operations but also the continuation of licenses for companies that are already operational in the state. The government will allow new PoW mining operations in the state only if it fully relies on renewable energy.

Notably, with 37.8% of the Bitcoin network’s hash rate coming from the United States, the country has the largest percentage of the Bitcoin mining hash rate globally. The two-year ban on PoW mining might be expensive and even cause other states to jump on board.

Adams, who is still dedicated to make New york a crypto hub, stated:

“We must become a welcoming place for all technology. And crypto is part of the overall technology we’re looking at. The question is: how do we make smart choices so that New York City — and America — is a leader in this new technology?” 

It is interesting to note that the politician gained popularity in the crypto community after he announced on Twitter his intentions to make New York City the “center of the cryptocurrency industry” and that he would take his first three paychecks after his election in cryptocurrency.

Parth Dubey
Parth Dubey Verified Author

A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.

Latest News