Is NYC Mayor Eric Adams opposing the Bitcoin mining bill?

Sahana Kiran
Source – Unsplash

The controversial Bitcoin mining bill in New York seemed to be getting increased traction. While some are against this bill that opposes the mining of Proof-of-Work cryptocurrencies for two years in New York, a few others were ecstatic about it. This bill even stirred a debate in the crypto-verse and created a major divide among government officials that were pro and against crypto.

The bill currently sits still in the New York Governor Kathy Hochul’s office while her team looks “very closely” into the proposal. The Bitcoin mining bill isn’t a law yet, as a result, several lawmakers have been urging Hochul to reconsider. One among them was the Mayor of New York City, Eric Adams.

Adams has time and again proved to be extensively inclined towards Bitcoin. With New York trying to impose a ban on Bitcoin mining citing its climate goals, Adams has decided to veer in and urge governor Hochul to veto the bill.

Appearing in a recent interview, Adams said,

“I’m going to ask the governor to consider vetoing the bill that is going to get in the way of cryptocurrency upstate. When you look at the billions of dollars that are spent on cryptocurrency – New York is the leader. We can’t continue to put barriers in place.”

Sponsorers of the Bitcoin bill unhappy with Adams

This bill that could potentially disrupt the Bitcoin mining industry in New York was sponsored by Senator Kevin Parker as well as Assemblywoman Anne Kelles. NYC Mayor Adam’s recent statement seemed to have caught the Assemblywoman’s eye and she wasn’t happy.

Speaking to The Post she said,

“It took me by surprise and it’s deeply disappointing because he suggests this bill would negatively impact cryptocurrency in upstate NY [but] what he is doing is asking us to go back to the stone age of cryptocurrency.”

The bill would have a major impact on new crypto mining firms. However, the existing ones would be allowed to continue operating. Kelles went on to highlight that the bill wasn’t hindering innovation but in turn, promoting it.

The Bitcoin mining bill has all eyes on it. With an array of opinions and pleas in place, the world awaits the Governor’s decision.