New York Mayor Still Wants it to be a Crypto Hub

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  • New York mayor Eric Adams still wants the city to be a crypto hub
  • Adams’ plans have taken a hit with last week’s signing of the crypto mining moratorium
  • Adams has promised to work with regulators to come to an agreement

New York mayor Eric Adams has said that he still wants the city to be a crypto hub despite state governor Kathy Hochul signing a two-year moratorium on crypto mining. Adams told The New York Daily News that he was still determined to make New York more hospitable for crypto despite the quasi-ban, saying that he would work with regulators to come to a resolution.

Adams’ Crypto Plans Hit by Crypto Mining Moratorium

Last week Bill S6486 was signed into law by governor Hochul, kicking off a two-year ban on new mining operations in the state and preventing existing mining firms from expanding. These firms will also be monitored for the amount of greenhouse gases they emit, with a full report slated for 2024.

This would seem to be at odds with the wishes of New York city mayor Adams, who is  publicly pro-crypto and has pushed for the New York BitLicense to be scrapped to encourage innovation in the city. Adams reportedly told the New York Daily News that he was going to work behind the scenes to ensure that his plans weren’t shelved by state legislators:

I’m going to work with the legislators who are behind and those who are concerned, and I believe we’re coming to a great meeting place.

Adams reiterated that he wants New York to be “a welcoming place for all technology”, with crypto being “part of the overall technology that we’re looking at”. However, he might have a tough job convincing the environmental lobby that crypto mining can be part of a harmonious pro-crypto approach.