New York, for lack of better terms, is behaving very foolishly when it comes to the growing crypto space.
New York Should View Crypto in a Stronger Light
The industry has shown itself to have a lot of prowess despite the volatility of coins and the actions of a few bad companies here and there. In many ways, the industry is likely to revolutionize finance in more ways than one, but when a major hub like the Empire State continues to turn its back on the industry and label it as something that should be ignored or passed over, you know there’s a problem.
New York is one of the biggest, most populated areas in the United States. With so many people living there, crypto companies stand to gain a lot of business. This business can feed funds back into the local and state economies and make New York more powerful than it’s been. Sadly, the region continues to show it doesn’t care about crypto, nor does it have any intention of allowing the crypto space to hold sway or presence.
Proof of this arrived in the recent re-election of Governor Kathy Hochul, who has done nothing for the state except keep it in a constant blue swing of depression and crime. Hochul ran a relatively weak campaign against her republican candidate Lee Zeldin, who throughout his time in the governor’s race, showed that he wanted to do things to improve the state. He commented that it was time to bring an end to crime, and he also brought crypto into the midst.
At the time, New York had a new bill on the table that was slated to bring a temporary end to all new crypto mining ventures within its borders. Zeldin felt that the bill was going to limit innovation and that it could potentially prevent New York from moving ahead in the financial arena. He said he would not sign the bill into law if he was elected governor.
Sadly, nobody seemed to care about this as Hochul won her race. Despite her taking no clear stance on any of the matters at hand, native and incoming New Yorkers clearly showed that they preferred to maintain the status quo – no matter how shaky it was – and keep moving in the same direction.
The State Is Losing Out!
Now, Hochul has signed the new crypto bill into law, enforcing a new moratorium that will prevent mining companies from setting up shop in the Empire State for the next two years. The only way they can do so is if they revoke their proof of work protocols, which allegedly utilize too much energy.
Between all this and the BitLicense it refuses to get rid of, New York is in great danger of falling behind when it comes to crypto innovation and growth.
