An New York Upstate Assemblywoman, Dr. Anna Kelles (D-125th District, Ithaca), is battling Bitcoin Supporters as she defends a Bill that would place a Two-year Moratorium on Crypto Mining in New York. The intent of a Bill is to give the State time to assess Environmental Impacts of the controversial Crypto Mining Process, could be causing Climate problem.
“My bill is not a ban on crypto. It’s not even a ban on mining,” Kelles said. “It is a two-year moratorium specifically on cryptocurrency mining operations that are housed at fossil fuel-burning power plants.”
Crypto or Bitcoin, Mining uses vast amounts of Energy as Computers solve Complex math problems and verify Transactions in Digital Currency.
Critics of the Bill, which was Approved by the Assembly on Tuesday, after making it through the Chamber’s Ways and Means Committee a day earlier, argue that the Moratorium will drive Tech businesses from the Empire State and send Jobs elsewhere.
Kelles says Opponents are purposely Mischaracterizing the Measure. “The industry’s outright efforts to mislead and manipulate the facts only further make the case for sensible regulation,” she said.
Mike Coyler, the CEO of Foundry, a Rochester-based company focused on the Digital Currency market, Please ... let’s be clear. Voting for [Kelles’] bill is a vote AGAINST BITCOIN, Crypto, and Blockchain technology,” Coyler tweeted. “I would not want my name attached to it. Imagine voting with the one person that wanted to shut down the internet 30 yrs ago.”
Foundry added that the company recently surpassed 100 employees, with Plans to double that number by the end of the year. “A moratorium on #bitcoin mining will take NY out of the game as our industry flourishes elsewhere, generating jobs and tax dollars in other states that are more welcoming,” the company argued.
Kelles’ Bill, sponsored by Sen. Kevin Parker (D-21st District, Brooklyn), only applies to Large-Scale Crypto Mining, in decommissioned Power Plants that use Fossil-Fuel based Energy sources. The Senate Bill is still in Committee, but the Senate passed a Version last year.
The fight comes after a former Finger Lakes Coal Plant, shut in 2011, drew heated Opposition in recent years, after being Repurposed as a Natural Gas Plant powering a massive Bitcoin Mining Operation. There are currently 30 such Plants scattered across the State.
The Legislation winding its way through the Democratic-led Legislature, would only apply to New Permits or Renewal Permits for Power Plants and require the Department of Environmental Conservation to issue a Generic Environmental Impact Statement, after the close of a Public Comment and Public Hearing period.
A separateBbill introduced by Sen. Kevin Thomas (D-6th District, Nassau) and Assemblyman Clyde Vanel (D-33rd District, Queens) would crack down on Cryptocurrency Scammers.
The Measure is meant to enhance Consumer Protections by giving Prosecutors a Legal framework to pursue Crypto Crimes by amending the Penal Code to establish “rug pulls” and other Digital Asset Scams as Criminal Offenses in New York.
So-called “rug pulls” are an Online Scam that dupes Investors into Funding a Bogus Project or even a Digital Token.
“New York is the center for both the global financial system and a growing cryptocurrency industry,” Thomas said. “This future-forward legislation will protect consumers, enhance the security and reliability of the crypto ecosystem, and provide clearer guidance to allow companies to innovate and thrive in the crypto economy.”
UPDATE
State Assembly Approves Two-year Pause on Fossil Fuel-powered Crypto Mining, 4/27/2022, 95-52 Vote.
NYC Wins When Everyone Can Vote! Michael H. Drucker
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