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New York Imposes 2-Year Moratorium on New Proof-of-Work Mining After Gov. Hochul Signs Bill
The new law sets a two-year moratorium on new and renewed air permits for fossil fuel power plants used for energy-intensive proof-of-work (PoW) cryptocurrency mining.
Updated Apr 9, 2024, 11:20 p.m. Published Nov 23, 2022, 3:44 a.m.
New York's Gov. Kathy Hochul signed into law Tuesday a two-year moratorium on proof-of-work (PoW) cryptocurrency mining.
“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 said in a message explaining her approval.
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The New York State Senate passed a bill targeting proof-of-work (PoW) mining in June this year an effort to address some of the environmental concerns about cryptocurrencies. The State Assembly passed the bill in May.
Read more: What a Mining Moratorium Could Really Mean for New York’s Crypto Industry
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Fintech and Crypto Firms Seek Bank Charters Under Trump Administration: Reuters
Financial technology and crypto firms are increasingly applying for state or national bank charters, despite the community’s historical resistance to centralized banking.
O que saber:
- Fintech and crypto firms are increasingly applying for bank charters, anticipating a more favorable regulatory landscape.
- Becoming a bank allows firms to accept deposits and lower borrowing costs but brings stricter oversight.
- Regulatory bodies have historically approved few new bank charters, though recent signals suggest a more streamlined process.
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