New York is seeing a halt come to its proposed moratorium on cryptocurrency mining.
New York Crypto Mining Can Continue
The Empire State has been worried for a long time – just like many environmentalists – that crypto mining uses too much energy, and thus puts Mother Earth in danger. Several members of the New York State Assembly sought to impose a limited ban on crypto mining that would halt all blockchain extraction methods for a minimum of two years. However, it looks like this proposal is not going to be moving ahead anytime soon.
The news is being praised by crypto hounds everywhere, who swear up and down that such a moratorium would have prevented New York from moving ahead in terms of technological and financial growth. However, some are not too happy about the lack of focus, and say the state is making a bad choice – one that will likely negatively affect our children and our children’s children in their eyes.
Senator Kevin Parker – a democrat from Brooklyn – was particularly steamed by the fact that the moratorium has come to a standstill. In an interview, he said the state’s Climate Leadership and Community Protection Act (CLCPA) – which is looking to require emissions reductions over the next decade – is likely to come up short because people aren’t willing to give up mining for a few years. He stated:
The New York state Senate has abdicated its responsibility to address climate change or attempt to meet the goals of the CLCPA. The lack of courage on the cryptocurrency moratorium is especially disappointing because it’s a resource that’s being exploited by people that care nothing for our state.
By contrast, Senator Jeremy Cooney – another democrat from Rochester – has always said he opposed the moratorium, and that he was interested in not so much pausing crypto in New York, but in studying the space and the potential benefits and risks it presents. He’s happy that the state has decided not to move forward, saying:
We don’t want to send a message that we’re closed off.
Assemblymember Anna Kelles – a democrat of Ithaca – co-wrote the moratorium bill. She’s quite dissatisfied with the results and says the moratorium proposal was not even brought to the floor for a real vote. She claims the only reason New York is not willing to move forward is because the crypto industry is bringing in heavy streams of revenue, and she thus says that the state is willing to sacrifice its environment in the name of greed.
Did the State Get Greedy?
It passed the Senate last year and it was a much broader bill that passed the Senate last year. Literally the only thing that’s different between last year and this year is a phenomenal amount of money coming from the industry into this state.