Bill banning crypto mining for 3 years dies in NY state assembly

Bill banning crypto mining for 3 years dies in NY state assembly

“The NY state assembly needs to approve any bill or propose amendments before it can be signed into law by Governor Andrew Cuomo.
A bill which would have required miners in New York to halt operations for three years as part of an apparent effort to slow the environmental impact of crypto has been defeated in the state legislature.New York Senate Bill 6486 failed to pass the state assembly today after lawmakers in the Democrat-controlled state senate approved the legislation earlier this week. The bill was aimed at establishing “a moratorium on the operation of cryptocurrency mining centers” while experts considered the environmental impact of mining, particularly those backed by fossil fuels.According to a Connecticut-based National Public Radio affiliate, the International Brotherhood of Electrical Workers labor union spoke out against the anti-mining legislation, saying it was unfair to its members. Some in favor of the bill’s passage have cited environmental concerns, given the large energy demands for mining crypto — miners currently need a permit from New York state environmental regulators to operate.Related: New York bill proposes to ban crypto mining for 3 years over carbon concernsFirst introduced to the state legislature by Democrat senator Kevin Parker on May 3, Bill 6486 was almost immediately referred to the Environmental Conservation Committee. Lawmakers in the New York state senate passed the mining ban legislation by a 36-27 vote on Tuesday. However, the state assembly needs to approve any bill or propose amendments before it can be signed into law by Governor Andrew Cuomo.”

Source: Cointelegraph.com News

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