Today, there are barriers to these advancements. Innovators face regulatory minefields while lawmakers must navigate complex consumer protection and security concerns. We’re committed to creating deep partnerships—within and between industry and government—to share knowledge, identify opportunities, and co-create a digital future that’s more transparent, inspiring, secure, and equitable.
Kristin Smith will provide context on industry’s role in strengthening the United States’ strategic position in global finance and technology.
Washington, D.C. (June 8, 2022) – On Thursday, June 9, Blockchain Association’s Executive Director Kristin Smith will testify before Congress during the House Homeland Security Subcommittee on Intelligence and Counterterrorism’s hearing, “Terrorism and Crypto: Industry Perspectives.” Speaking alongside experts from Chainalysis and Coinbase, who partner with law enforcement to prevent and track illicit activity. Smith will explain what crypto networks are, what problems they solve, and why they will be the source of the next wave of American innovation.
The Blockchain Association is committed to educating policymakers and regulators in Washington to guide sensible legislation that fosters the growth of this nascent technology. By testifying before Congress and working hand in hand with legislators, the association remains confident that crypto will be the driving force behind the next generation of American innovation.
Washington, D.C. (June 7, 2022) –The Blockchain Association Executive Director Kristin Smith released the following statement following Senators Lummis and Gillibrand’s bipartisan crypto legislation:
“The bipartisan legislation announced today by Senators Lummis and Gillibrand represents a milestone moment for crypto policy and a major step forward for the crypto industry in Washington. Good policy is the result of good debate and good discussion, and the Blockchain Association and our more than 90 member companies look forward to our continued dialogue to ensure the US remains a global crypto leader.
“We applaud the inclusion of the Digital Commodity Exchange Act, which will serve as the foundation for spot market regulation, and clarifications to questions on tax requirements left unanswered by the Bipartisan Infrastructure Bill. We thank Senators Lummis and Gillibrand for engaging with industry on this bill, and we look forward to continuing to work with them as we refine the language and advance the bill through the process.”
Washington, D.C. (June 3, 2022) –The Blockchain Association Executive Director Kristin Smith released the following statement after the New York State Senate’s passage of the anti-crypto mining moratorium bill:
“If signed into law, this legislation will have a significant chilling effect on crypto mining in the state, and threatens to send hundreds of good paying jobs to neighboring states. Most importantly, it would place New York in the unique position of being the only state to enact a moratorium at a time when other states are either studying the industry or actively welcoming the economic development it creates. In a state that already presents challenges to doing business, enacting this prohibition on new mining operations in New York sends a clear signal that the crypto industry is unwelcome in the state. We strongly encourage Governor Hochul to recognize the economic benefits and job creation of the crypto industry – now is not the time to cede New York’s position as the financial capital of the world.”
March 21, 2022
The Honorable Steven Englebright, Chair
New York State Assembly Environmental Conservation Committee
Legislative Office Building
Albany, New York 12248
Re: Opposition to A.7389C
Dear Chair Englebright:
This letter is submitted on behalf of the Blockchain Association (the “Association”), a member-led, member-driven organization dedicated to improving the public policy environment for crypto networks through innovation, collaboration, leadership, networking, diversity and representation. The Association recently opened an office in Albany, and we are eager to share our expertise with the legislature in the weeks, months and years ahead.
It has come to the attention of the Association that the Environmental Conservation Committee is considering advancing A.7389C. As you know, if enacted, this bill would establish a moratorium on certain existing or new operations that use proof-of-work consensus mechanisms to validate blockchain transactions unless they use 100 percent renewable energy. The crypto industry shares the goal of increasing the usage of renewable energy, and while we believe mining can assist in driving investment and greater progress toward this goal, it will take some time to achieve. We urge the committee to hold off on consideration of this legislation and instead take time to examine the full impact behind crypto’s energy consumption and the importance of this sector to New York’s economy and US competitiveness, and broaden the conversation to include other sectors.
The US crypto industry shares the Committee’s interest in combating climate change, and we are committed to ensuring that the energy mix used for this critical process includes as much renewable energy as possible. Proof-of-work validation, including bitcoin mining, does indeed consume energy to secure networks. But compared to the non-crypto sector, US crypto mining operations already have a more favorable energy mix. And more importantly, the co-location of mining operations with renewable energy resources allows those sources of energy to become profitable. As more renewable resources are deployed alongside these operations, the energy mix of bitcoin and other proof-of-work networks will continue to advance. If there is a ban on bitcoin mining, it will push mining operations to less climate-focused jurisdictions, which will halt the incentive to deploy new renewable energy sources here in New York.
Furthermore, we respectfully request that you hold this proposal in Committee because it singles out the crypto industry with unfair standards that don’t apply to other sectors. Bitcoin and blockchain technology provide a tremendous amount of value to people in New York and across the world. This legislation ignores the energy consumption of other industries, including traditional financial services, transportation, hospitality and many others. It creates unreasonable standards for an industry that is only just beginning to establish itself in New York and holds crypto mining to a different standard.
Thank you for the opportunity to comment on this important issue. We look forward to being a resource to the Committee as it continues to tackle climate change and other issues related to the environment.
Cc: New York State Assembly Environmental Conservation Committee Members