Eric Adams wants NY governor Hochul to veto crypto mining moratorium bill

New York City Mayor Eric Adams doesn't want the proof-work crypto mining moratorium recently passed by the state legislature to be signed into law.

Adams said that he intends to ask New York Governor Kathy Hochul to veto the bill, according to Crain's New York Business.

The bill would put on hold any new permits for behind-the-meter crypto mining operations using fossil fuel energy and direct the Department of Environmental Conservation to conduct a General Environmental Impact Statement.

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Adams has previously taken a pro-crypto stand, stating last year that he wants to make New York City "crypto-friendly."

Lawmakers opposing the bill have called it "anti-crypto," arguing that it would drive miners and jobs out of the state and hinder New York's ability to be a leader in the crypto sector as a whole.

The bill's sponsor, Assemblywoman Anna Kelles, has opposed that view and said repeatedly that due to the bill's narrow scope, it would only apply to a small number of previously fossil-fuel power plants.

"It’s disappointing that @NYCMayor wants to take upstate NY back to the cryptocurrency stone age when there is so much exciting innovation happening in the Web3 arena," Kelles tweeted in reaction to the news.