New York’s mayor seeks balance with regulators after PoW mining moratorium
Adams said New York is still focused on becoming a crypto hub, but statewide efforts to reduce emissions can be combined with this goal. New York City mayor Eric Adams is still focused on making New York a crypto hub, but he believes that goal can be combined with statewide efforts to curb environmental costs related to crypto mining, according to reports on Nov 25. The comments follow the new law signed by New York governor Kathy Hochul, banning proof-of-work (PoW) mining activities for two years in the state. The mayor, known as a crypto proponent, said in June he would ask the governor to veto the bill. With the bill signed into law, the city will work with legislators to find a balance between the crypto industry development and legislative needs, Adams told The NY Daily News: “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 PoW mining moratorium will not only prohibit new mi...