Community reacts to New York’s attempt to outlaw crypto mining
Lawyer Jake Chervinsky stated his desire for the governor to reject the bill “for the sake of New York” in a tweet.
Members of the crypto community are showing their displeasure on social media as the state of New York puts forward a bill that, if passed, will restrict proof-of-work (PoW) mining.
The Blockchain Association’s head of policy, Jake Chervinsky, stated on Twitter that the change will not “reduce carbon emissions” in any way.A mining ban, according to Chervinsky, will just drive miners away from New York, causing them to build in locations where the state has no control.
Chervinsky believes that New York Governor Kathy Hochul will veto the bill “for the sake of New York.” The move, according to the lawyer, conveys a signal to the state that “crypto is not welcome.” Chervinsky stated that if the bill is passed, it will be a policy disaster for the world’s financial capital.
In addition to Chervinsky, United States senatorial candidate Bruce Fenton has spoken out against the plan. He stated in a tweet that governments do not have the authority to say which software people use. “Code is speech,” he said, indicating that the ban is an attack on freedom of speech.
Vitalik Buterin, the founder of Ethereum, agreed with Fenton. Buterin expressed his views on the matter, saying that the government should not decide which applications are “okay” uses of electricity. He called for the establishment of carbon pricing and the use of the revenues to compensate low-income users.
The New York State Senate approved a bill banning PoW mining on June 3. If passed by the governor, the bill will ban mining in the state and make it difficult to renew licenses that have already been issued.
New York Attorney General Letitia James issued a warning to New Yorkers against investing in crypto amid the drive to ban mining. In an investor alert, James said in a cryptocurrency that many people are “losing billions” in cryptocurrency and that even well-known ventures could collapse.