United States of America: Rejected New York Bill on cryptocurrency mining moratorium (S6486D)
Description
Rejected New York Bill on cryptocurrency mining moratorium (S6486D)
On 4 June 2022, Senate Bill S6486D establishing a cryptocurrency mining moratorium was rejected after failing to pass before the legislature session adjourned. The Bill addressed environmental concerns in relation to crypto mining operations that validate blockchain transactions through proof-of-work authentication. The Bill introduced a two-year moratorium on new mining projects using carbon-based fuel. In addition, the Bill subjected such projects to the environmental impact assessments.
Original sourceScope
Policy Area
Authorisation, registration and licensing
Policy Instrument
Authorisation of goods or services
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
subnational
Government Branch
legislature
Government Body
parliament
Complete timeline of this policy change
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2022-05-03
under deliberation
2022-06-02
under deliberation