Cryptocurrency Mining Bill Dies Down After New York Union ‘Opposes’
In its memorandum of opposition, the union said New York “should be embracing” crypto as it is “likely to be adopted” by traditional financial institutions and national governments in the near future.
A bill from New York that would have put a three-year moratorium on cryptocurrency mining in the state has come to its end in the lower house of the US state’s legislature due to the union.
While the union “strongly support(s)” the goals of the Climate Leadership and Community Protection Act, the proposed law would prohibit a business simply based on whether it obtains the power from a generator behind the meter or from the grid, they said.
Not to mention, there are already sufficient and rigorous processes in place that are required for the approval of energy generators and centers before their construction, operation, and expansion, it added.
“The bill singles out a specific business model — actually it would stop the operation and expansion of a specific facility — and would allow other very similar models in the game industry to continue.”
The memorandum further states that the bill also “fails to take into account the valid benefits of the technology behind the industry.”
The officials may fail to actually see the benefits the crypto industry provides and the speed at which it is growing, but the construction locals pointed it out to them very clearly.
“While relatively new, cryptocurrency is becoming increasingly mainstream as a payment method and financial investment,” they said while noting that mining centers are the key element of cryptocurrencies’ security.
The union then goes on to point out that the technology here is “likely to be adopted” by traditional financial institutions and even national governments in the near future due to its inherent security.
Instead of singling out and treating one business differently than the others because of their end-user, “New York should be embracing emerging technology” and all the opportunities this new technology brings in terms of jobs and financial security.