New York is taking a first-in-the-nation step to tap the brakes on the spread of cryptocurrency mining, under legislation that Gov. Hochul signed Tuesday.
“I will ensure that New York continues to be the center of financial innovation, while also taking important steps to prioritize the protection of our environment,” Hochul, a Democrat, said in a message explaining her approval.
The law also requires the Department of Environmental Conservation to asses how cryptomining affects the state’s ability to meet its climate goals. Cryptocurrency advocates, meanwhile, argued that the measure would crimp New York’s economic development, and singled out crypto while not addressing other fossil fuel use.
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