Statement on the New York State Senate’s Passage of the Anti-Crypto Mining Moratorium Bill

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.”