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NY Crypto Moratorium Would Provoke Miner Exodus

Law360

7/29/22

Author: John P. Cahill

John Cahill (Associate-White Plains, NY) authored “NY Crypto Moratorium Would Provoke Miner Exodus,” which appeared on July 20, 2022, in Law360. John reports on New York Senate Bill 6486D – passed by the Senate and Assembly on June 2 but yet to be signed by Governor Kathy Hochul – which would place a two-year pause on new crypto mining operations that run proof-of-work authentication methods to validate blockchain transactions. The timing of this moratorium would put pressure on a sector that is already leading the charge on sustainability, and may effectively force companies to leave New York for less restrictive states. Furthermore, the legislative measure could cause New Yorkers to lose substantial revenue from an emerging industry. John notes that Hochul’s delay is likely due to the Legislature's appreciation that the proposed legislation may not actually bring about the reduction in global carbon emissions it seeks, and the possible competitive disadvantage in vying for the fast-growing economic activities associated with cryptocurrencies.

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