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- NYC Governor Kathy Hochul will veto a bill which might temporarily put a full stop on cryptocurrency mining projects at fossil fuel burning plants.
- This legislation, if enacted, will make New York City the initial state to enforce such a moratorium.
- Campaign of Governor Hochul has already received $40,000 from the chief executive officer of Coinmint.
Crypto Mining Operations To Halt In NYC?
Across the United States, some states are trying to attract different cryptocurrency mining organizations to establish their set up, hoping it would create more jobs for people and extend their reach in the sector.
But in the case of New York City, legislators are doing just the opposite. The State Legislature unexpectedly passed a bill during the previous week, which keeps a potential to put a full stop on crypto mining permits for the upcoming couple of years, especially at the fossil fuel burning plants.
This disruptive legislation, which can make NYC the very first state to impose such a moratorium, is so influential that it can force other states to enforce the regulations.
Though it is still unclear whether Kathy Hochul will sign this bill. And it is anticipated that the crypto sphere will invest prominently in an attempt to influence her to reconsider and deny such measures.
The campaign of Governor Hochul has already bagged $40,000 from Coinmint CEO, Ashton Soniat, which has a cryptocurrency mining operation at the location of an aluminum plant in Massena, a minor town near Niagara Falls.
This is nothing, much larger donations has offered to Antonio Delgado, lieutenant governor of Kathy Hochul. A super PAC, supported by Sam bankman Fried owned crypto exchange FTX, has spent around $1 Million on virtual ads during the previous few weeks.
Crypto sphere has witnessed mixed experiences from different nations, some of which embrace them with open arms, others are trying to dominate the sector heavily, and are trying to impose heavy restrictions.
Reason many nations around the globe are trying to put such restrictions is due to the fact that crypto assets were created to spread decentralization, which doesn’t sound good to centralized authorities.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
