The bill would impose a two-year ban on new cryptocurrency mining from using fossil energy sources and the use of proof-of-work authentication methods to validate blockchain transactions be subject to a full generic environmental impact statement review. The cryptocurrency mining process will be affected
Anna Kelles is an American Democratic Party politician who currently represents New York State Assembly District 125. The New York Assembly (NYS) passed a bill to block new crypto mining facilities using non-renewable energy sources from setting up shop in the Empire state.
Assembly bill A7389C, sponsored by Democrat Anna Kelles, will impose a two-year moratorium on new crypto mining firms that use a carbon-based energy source. A corresponding bill is working its way through the state Senate.
Assemblymember Dr. Anna Kelles defended the bill on Twitter, stating: “My bill would not restrict anyone’s ability to buy, sell, invest, or use cryptocurrencies in New York State nor would it impact in any way anyone’s ability to do cryptocurrency mining as long as they’re not buying a fossil-fuel power plant to do it. ”
However, crypto lobbying groups like the Blockchain Association are concerned that the new bill could force crypto workers to move to other states with more environmentally friendly scrutiny. The crypto industry mounted fierce opposition to the bill, warning it might lead to miners relocating, impacting jobs or the U.S.’s “geopolitical interests.”
The concern is being raised that this bill marks the beginning of a broader clampdown on cryptocurrency mining in the state. The two-year mining ban sends a really bad message to the Blockchain industry, crypto companies, to Web 3 companies, that New York is saying, “You’re not welcome here”.
Another provision would prohibit the renewal of existing permits for similar facilities if renewal applicants seek to develop their own. The bill’s passage hinges on the results of an environmental study that could potentially hinder progress on climate goals to reduce greenhouse gas emissions by 95% by 2050.
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