- After Assembly vote, NYC crypto mining moratorium bill will have to discover a route to Senate grounds before the legislative session ends.
- Committee still holds the bill, and can advance if it gets backing from Democratic majority leadership.
- The discussion over bill has lured a fair amount of attention from advocates of crypto assets opposed to the policy.
An Entrenched Debate Ahead
Earlier this week, New York assembly voted in favor of a controversial bill which would place a couple of year moratorium on specific forms of cryptocurrency mining operations which utilizes electricity produced by “carbon based fuel.”
The discussion over the bill has lured a plethora of attention from crypto advocates opposed to policy. But if it needs to be transformed into a law — at least while this legislative session is on — a version of it has advanced in state Senate before it finishes on 2nd June.
The Senate version is at present in Environmental Conservation Committee, which will meet next Tuesday. And as per an agenda posted online on Thursday, moratorium bill will not be heard. As of now, there’s no further meeting scheduled before legislative session’s end.
It is possible for bill make it to the grounds of if Democratic majority leadership choses to move it. The question that remains is whether if there is sufficient backing amongst NYC senators to put a bill for ballot before session’s break off.
The Pending Decision
Environmental Conservation Committee’s Chair, Democratic Senator Todd Kaminsky stated to a news agency that debate amongst conference of majority Senators is still to be conducted, and he believes that the discussion is going to be huge.
The bill particularly calls for a moratorium on latest permits for proof of work mining functions which utilizes behind the meter power produced by fossil fuel, enabling state time to act on complex influence study. The Assembly passed it with a total of 95 in favor and 52 in against.
Some Assembly members were concerned that it might send deceiving signal to monetary services industry in New York and push miners away from state. An earlier version of bill, calling for a 3 year moratorium on a wider scope of mining services, died in Assembly during June previous year.
Senator Kaminsky said he is concerned that even this scaled-supported version might make NYC look like an anti-crypto state.
Source: https://www.thecoinrepublic.com/2022/04/30/what-future-holds-for-nycs-moratorium-bill-for-crypto-mining/