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ARTICLE · 31 MARCH 2022

Bill Banning Cryptocurrency Mining Advances In New York State Assembly

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On March 22, 2022, the New York State Assembly's Environmental Conservation Committee voted to advance legislation that would impose a two-year moratorium on cryptocurrency proof of work ("PoW")...

United StatesTechnology
Ethan Trotz
Ethan Trotz
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On March 22, 2022, the New York State Assembly's Environmental Conservation Committee voted to advance legislation that would impose a two-year moratorium on cryptocurrency proof of work ("PoW") mining where energy is derived from fossil fuels.  This proposed legislation is in connection with New York's Climate Leadership and Community Protection Act, which mandates that New York's greenhouse gas emissions be cut by 85% by 2050 and zero net emissions.  The bill would have to pass the New York State Assembly, the New York Senate, and be signed by the governor.  Earlier in March 2022, the European Union Parliament's Economic and Monetary Affairs Committee voted against a similar ban on PoW mining.

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