What is next for New York’s crypto mining moratorium bill?

Quick Take

  • After a vote in the Assembly, the New York crypto mining moratorium bill will have to find a way to the Senate floor before the end of the legislative session, which is scheduled for June 2.
  • The bill is still in committee and could move forward if it gets support from the Democratic majority leadership.

Earlier this week, the New York Assembly voted yes on a controversial bill that would place a two-year moratorium on certain types of crypto mining operations that use electricity generated by "carbon-based fuel."

The debate over the bill has attracted a fair amount of attention from cryptocurrency advocates opposed to the policy. But in order for it to become law — at least during this legislative session — a version of it has to pass in the state Senate before the session ends on June 2.

At the moment, moving it through the Senate does not appear to be on the agenda. But that could still change. 

A "robust discussion" ahead

The Senate version is currently in the Environmental Conservation Committee, which is meeting next Tuesday. And according to the agenda posted online Thursday, the moratorium bill will not be heard. As of publication time, the committee has not scheduled any additional meetings before the end of the legislative session.

It's still possible for the bill to make it to the floor if the Democratic majority leadership decides to move it. The open question now is whether or not there is enough support among New York State senators to put the bill to a vote before the session adjourns.

“That discussion among the conference of majority Senators has not yet taken place,” Democratic Senator Todd Kaminsky, the Chair of the Environmental Conservation Committee, told The Block. “And I expect there to be a real robust discussion.”

The bill has not been debated in committee or by the Senate majority, according to Kaminsky, so its future is largely unknown.

The bill specifically calls for a moratorium on new permits for proof-of-work mining operations that use behind-the-meter electricity generated by fossil fuel, allowing the state time to act on a comprehensive impact study. The Assembly passed it with a tally of 95 in favor and 52.