New York Forex Mining Regulations: Navigating Standards – Albania – Across the country, some states are offering tax breaks to encourage cryptocurrency mining companies to set up shop, hoping to create jobs and gain a foothold in the tech sector.
In New York, lawmakers are moving in a different direction: As the 2022 session winds down, the state legislature last week unexpectedly passed a bill that would have banned new crypto-mining licenses for two years, especially for burning fossil fuels. Some businesses have repeatedly revived energy-saving activities.
New York Forex Mining Regulations: Navigating Standards
The legislation, which would make New York the first state to implement such a deadline, has the potential to influence regulations in other states or at the federal level.
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The bill’s passage marks a significant setback for the fledgling, deep-pocketed industry at the hands of left-wing lawmakers, climate activists and even a grassroots coalition of wine merchants, who argue that future cryptocurrencies will have environmental costs. Mining.
“Other blue states are likely to introduce similar laws, depending on the efforts of the environmental lobby,” said John Olsen, chief representative of the Blockchain Association, an industry group that opposes the moratorium. “It’s definitely a concern.”
It’s unclear whether Gov. Cathy Hochul will sign the bill. And the cryptocurrency industry has invested heavily in trying to convince him to reject the measure and influence other industry-friendly regulations in Albania.
Ms. Hochul’s campaign has already received $40,000 from Ashton Soniat, the CEO of Coinmint, which operates a cryptomining operation on the site of a former aluminum smelter in Massena, a small town northeast of Niagara Falls.
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A bigger political gift went to Ms. Hochul’s vice governor, Antonio Delgado, who is facing two primary challengers this month. A super PAC backed by the founder of major cryptocurrency exchange FTX has spent about $1 million on digital advertising in recent weeks, according to state filings.
Michael Levin, a spokesman for the super PAC, said it focuses only on endorsing candidates it believes support pandemic preparedness measures. But the five ads he’s running around the country also highlight Mr. Delgado’s work on climate change, infrastructure, abortion and schools.
The company also is paying Hinman Straub, a consulting firm, $12,000 a month, according to state records. FTX founder Sam Bankman-Fried said in a statement that the company has applied for a charter of trust to operate in New York and is in discussions with regulators about its application.
A political action committee backed by a major cryptocurrency has spent $1 million to support Lt. Governor Antonio Delgado’s campaign. Credit…Benjamin Norman for The New York Times
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The moderate Democratic governor, who faces a June 28 primary election, has disagreed on whether he would sign the landmark bill with environmental activists and the left wing of the party. Ms Hochul may not make a decision until December 31.
“We will be watching the entire bill very closely,” Ms. Hochul said at a press conference in Manhattan on Tuesday. “We have a lot of work to do in the next six months.”
Ms. Hochul previously said she was “open-minded” about a moratorium, but also considered not introducing legislation that would hinder job creation in upstate communities where many mining operations are based.
Bitcoin mining is an integral verification process in the Bitcoin economy. Powerful computers connect to the Bitcoin network and perform complex mathematical tasks to verify the legitimacy of transactions, which predicts the number of seconds. As a reward for this service, digital miners receive new bitcoins, which financially incentivize the operation of the computers.
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In the early years of Bitcoin, a crypto-enthusiast could earn coins by running software at home, but with the popularity of digital assets, the effort required to generate Bitcoins has skyrocketed.
As the value of cryptocurrencies has increased, Bitcoin mining has become a major industry. There are publicly traded crypto mining companies like Riot Blockchain and Marathon Digital Holdings that are worth hundreds of millions of dollars. Although estimates vary, New York appears to have 19 mining operations that are fully operational or will be by the end of the year, according to Rep. Anna Kelles, a Democrat who sponsored the bill in the lower house.
The measure, passed by the Democratic-controlled state legislature, aims to narrowly target mining companies trying to revive some of New York’s oldest, dirtiest fossil fuel plants after they were decommissioned.
Over the next two years, the bill would put a moratorium on new projects that use fossil fuel plants to generate electricity “behind the meter” in cryptocurrency mining and require the state to study the industry’s impacts.
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“Any delay in signing this bill into law puts our country at risk of many old, inefficient, retired power plants being bought up and turned into crypto-mining operations for private profit,” Ms. Kelles said.
The proposed ban was strongly opposed by national cryptocurrency industry groups, which fear the moratorium would set the precedent for similar regulations nationwide, with some lawmakers saying it unfairly targets the fledgling industry.
The industry has been warmly welcomed in other states, with opponents of the ban arguing that those interested in mining in New York may move elsewhere. Last year, Kentucky passed a pair of bills that gave tax breaks to cryptocurrency mining companies. Legislation introduced in Illinois in January would change state law to encourage mining companies to set up shop there. Both Texas and Georgia have taken a friendly stance toward the industry.
“The Legislature has voted to impose a moratorium on bitcoin miners in New York,” Perianna Boring, president of the industry advocacy group Digital Commerce Chamber, said in a statement. “This is a significant setback for the country and will stifle its future as a leader in technology and global financial services.”
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The bill passed the House in April, but it stalled for weeks in the Senate, was unexpectedly revived and passed just before the Senate adjourned on Friday morning.
Senator Kevin Parker, a Democrat from Brooklyn who sponsored the bill, said it was not to discourage the industry. “If people want to do cryptocurrency mining in New York State, I’m open to it, so we have to do it in a sustainable way,” he said.
The New York law comes after China cracked down on cryptocurrency mining last year, forcing some operations to move to the United States. Some miners now restore damaged coal plants or use cheap natural gas to power their computers.
In New York, the spaces used for such businesses are among the most polluting and inefficient in the state, with power plants sprawled across the top floors. Reactivating them reduces greenhouse gas emissions. This will slow the country’s progress on climate targets to meet legal targets, amid growing concerns that the country is behind schedule.
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The law does not affect crypto-mining projects that draw power from the power grid. But some advocates should also ban those because they block valuable electricity as the nation works to electrify homes, buildings and cars to meet climate goals.
The moratorium also won’t affect the controversial project at Greenwich on Seneca Lake, although residents and tourism businesses in the surrounding Finger Lakes area have supported the bill to prevent the project from taking root.
According to Ms. Kelles, an unaffiliated branch of cryptominers, like individuals who operate from home, is an important distinction aimed at protecting the potential interests of crypto’s marginalized population.
The Senate passed a broader version of the cryptocurrency moratorium bill last year, but it didn’t gain enough traction in the House. When the moratorium proposal was introduced in 2022, an election year for state lawmakers, it quickly became a hot topic as environmental groups renewed their push and the cryptocurrency industry began to use its lobbying power.
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While some Democrats facing potential presidents on the left have come under pressure to support this and other environmental legislation, others have spoken out strongly against it, saying it would kill jobs and leave other energy-intensive industries out of business.
“I think the majority of members still don’t understand the industry and the technology,” said state Rep. Jeremy Coney, a Democrat from Rochester who opposed the moratorium. “This is bigger than cryptocurrency. Will this be an open and inviting place for New York to engage in business and emerging technologies? “.
Lobbyists from two national groups, the Blockchain Society and the Digital Currency Group, also inserted themselves into the debate in New York.
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