NEW: New York Assembly passes two-year crypto mining moratorium bill by catarinalsm
Lawmakers in the New York Assembly voted to pass a bill that would prevent the expansion of certain carbon-based crypto mining operations.Though the measure passed the New York State Legislature’s lower chamber, a similar bill is still in committee in the Senate.The New York State Assembly voted to pass a bill that will essentially freeze current levels of crypto mining carbon emissions until the state can act on a comprehensive impact study.
The bill also tasks the Department of Environmental Conservation with conducting a General Environmental Impact Statement on all crypto mining operations in the state. The study is set to be completed within the span of a year, giving lawmakers time to act on the findings before the moratorium expires.
Republican Assemblyman Robert Smullen called the bill an"anti-tech" piece of legislation"disguised as an environmental law." Kelles maintained that the bill would not hinder New York's ability to be a leader in crypto when it comes to other aspects of the industry, such as buying, trading and selling digital assets.
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