New York’s Mayor Speaks Up After Governor Kathy Hochul Signs Bill Restricting Crypto Mining

According to sources on November 25, New York City Mayor Eric Adams is still committed to making New York a crypto center, but he feels that aim can be linked with statewide measures to reduce environmental costs associated with crypto mining.

With the measure passed into law, the city will work with legislators to strike a balance between the expansion of the crypto business and statutory requirements, Adams told The New York Daily News:

“That’s the way our government works. 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 statements come in response to a new rule enacted by New York Governor Kathy Hochul that prohibits proof-of-work (PoW) mining activities in the state for two years. The mayor, a crypto supporter, stated in June that he would ask the governor to veto the law.

Adams asserted again:

“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?”

Hochul previously stated in a memo explaining her decision to sign the crypto law that she wants to ensure that New York remains a center of financial innovation while also taking steps to prioritize environmental protection.

The PoW mining embargo will not only restrict new mining operations but will also deny license renewals to companies currently operating in the state.

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