New York Governor Hochul Reviewing Crypto Mining Bill

New York Governor Hochul ‘Closely’ Reviewing Crypto Mining Ban Bill

New York Governor said she and her team haven’t had time to thoroughly review the crypto mining ban bill and said they will be examining the proposal “very closely” over the following months.

Kathy Hochul, the Governor of New York, still hasn’t committed to signing the crypto mining ban bill into the law, which would prevent miners from opening new shops or renewing their current licenses in the New York state.

The ban bill, which targets the crypto mining activities that use fossil fuels, would only allow Proof-of-Work (PoW) miners that use 100% renewable energy to continue operating.

The New York State Senate passed the bill on June 3 and received a significant backlash from the crypto community. The final decision on the ban bill will be made by Governor Hochul, who will ultimately have to choose between approving or vetoing the law.

However, it appears that Hochul is in no rush to make the decision and told the press that the decision-making process could take up to several months.

“We’ll be looking at all the bills very, very closely. We have a lot of work to do over the next six months.”

Hochul also spoke about the bill in late May, when she said that it is crucial to find the balance between protecting the environment and job creation.

She said that it is important to keep creating opportunities for jobs that belong in “areas that don’t see a lot of activity and make sure that the energy that’s consumed by these entities is managed properly.”

The fossil fuels-backed crypto mining has been a subject of heated debate over the recent years, with environmental groups like the Seneca Lake Guardian voicing their concerns and lobbying against the established miners such as the Greenidge Generation, based in upstate New York.

Vahid Karaahmetovic Verified

Vahid is a market reporter covering major cryptocurrency, stock market, and business news.

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