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New York’s Crypto Community Speaks up as Crypto Mining Could Get Banned

Lawyer Jake Chervinsky tweeted his hope that the governor would veto the bill for the good of New York....
Photo by Robynne Hu

Lawyer Jake Chervinsky tweeted his hope that the governor would veto the bill for the good of New York.

Members of the crypto community are expressing their disapproval via social media as the state of New York moves forward with a bill to ban proof-of work (PoW), once it has been approved.

Jake Chervinsky (head of policy at Blockchain Association) explained in a tweet that the move would not reduce carbon emissions. Chervinsky claims that a ban on mining will only encourage miners to leave New York and build elsewhere where they have no control.

Chervinsky hopes that New York Governor Kathy Hochul would veto the bill for the “good of New York.” According to the lawyer, the move sends the message that “crypto” is not welcomed in the state. Chervinsky stated that if the bill is passed, it would be a policy mistake from the financial capital of the world.

Chervinsky was not the only one who opposed this move. Bruce Fenton, a United States senatorial candidate, also opposed it. He tweeted that the government does not have the right of deciding which software is used. He said that code is speech, implying that the ban is against freedom speech.

Vitalik Buterin, the founder of Ethereum, also agreed with Fenton. Buterin shared his views on the matter and said that the government shouldn’t decide which uses of electricity are acceptable. He advocated the use of carbon pricing to compensate those with low incomes.

The bill to prohibit PoW mining was passed by New York’s tate Senate on June 3. The bill, if approved by the governor will ban mining in the state. It would also prevent the renewal of existing mining permits.

New York Attorney General Letitia Jam warned New Yorkers not to invest in crypto. James warned investors that many people are losing billions in cryptocurrency and that prominent projects may crash.

Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".
Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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