The future of cryptocurrency in New York lies in Gov. Kathy Hochul’s hands after lawmakers passed two seemingly contradictory bills on Friday, June 3, 2022.
The first bill, A.7389C/ S. 6486D (Kelles/Parker) would impose a 2-year ban on cryptocurrency mining operations that use proof-of-work authentication methods to validate transactions and, more importantly, to secure the online investments of the 46 million Americans who use the network. The second bill, A.9275/S.8343 (Vanel/Sanders) establishes the New York State cryptocurrency and blockchain task force to study how New Yorkers can harness the growth of the industry for the advancement of New York, including its environmental, social, and economic implications.