Members of the crypto community are expressing their displeasure on social media as the state of New York pushes forward a law that, if passed, will restrict proof-of-work (PoW) mining.

Jake Chervinsky, the head of policy at Blockchain Association, said in a Twitter thread that the change will not “lower carbon emissions” in any way. A mining ban, according to Chervinsky, will just drive miners away from New York and into locations where the state has no control.

Chervinsky expects that the bill will be vetoed by New York Governor Kathy Hochul “for the good of New York”

The move, according to the lawyer, sends a message to the state that “crypto is not welcome.” If the law is passed, Chervinsky believes it will be a policy mistake on the part of the world’s financial capital.

In addition to Chervinsky, United States senatorial candidate Bruce Fenton has spoken out against the plan. He stated in a tweet that governments do not have the authority to dictate which software people should use. “Code is speech,” he said, meaning that the prohibition is an attack on freedom of speech.

Vitalik Buterin, the creator of Ethereum, agreed with Fenton. Buterin expressed his views on the matter, saying that the government should not decide which apps are “acceptable” uses of electricity. He advocated for the establishment of carbon pricing and the use of the proceeds to compensate low-income customers.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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New York’s Push To Outlaw Crypto Mining Has Sparked A Backlash From The Public

Members of the crypto community are expressing their displeasure on social media as the state of New York pushes forward a law that, if passed, will restrict proof-of-work (PoW) mining.

Jake Chervinsky, the head of policy at Blockchain Association, said in a Twitter thread that the change will not “lower carbon emissions” in any way. A mining ban, according to Chervinsky, will just drive miners away from New York and into locations where the state has no control.

1/ As the anti-bitcoin wing of the NY political establishment takes a victory lap over the passage of its mining ban, remember:

It will not help reduce carbon emissions by a single ounce.

All it does is push miners to build in other places where NY has no influence over them.

— Jake Chervinsky (@jchervinsky) June 5, 2022

Chervinsky expects that the bill will be vetoed by New York Governor Kathy Hochul “for the good of New York”

The move, according to the lawyer, sends a message to the state that “crypto is not welcome.” If the law is passed, Chervinsky believes it will be a policy mistake on the part of the world’s financial capital.

In addition to Chervinsky, United States senatorial candidate Bruce Fenton has spoken out against the plan. He stated in a tweet that governments do not have the authority to dictate which software people should use. “Code is speech,” he said, meaning that the prohibition is an attack on freedom of speech.

Vitalik Buterin, the creator of Ethereum, agreed with Fenton. Buterin expressed his views on the matter, saying that the government should not decide which apps are “acceptable” uses of electricity. He advocated for the establishment of carbon pricing and the use of the proceeds to compensate low-income customers.

Ultimately I agree with this (that is, I oppose banning PoW). The government picking and choosing which specific applications are an okay use of electricity or not is a bad idea. Better to just implement carbon pricing, and use some of the revenues to compensate low-income users. https://t.co/NnBzmv5mYz

— vitalik.eth (@VitalikButerin) June 4, 2022

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

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Annie

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