Eric Adams, the Mayor of New York and a staunch supporter of cryptocurrencies stated that he is still very focused on making New York a hub for crypto. However, he claimed that this might be combined with regional initiatives to reduce the environmental costs connected to particular forms of crypto production.
Kathy Hochul, governor of New York had earlier signed a bill that placed a 2-year restriction on some crypto mining in the state making New York the first state to limit the mining of the energy-sucking commodity. Hochul signed the groundbreaking legislation five months after it was passed by the Legislature, despite opposition from Mayor Adams.
Mayor Adams had stated in June that he hopes to have a conversation with Gov. Hochul to dismiss the bill because he claims the bill will be of disadvantage to the people of New York financially.
The Mayor announced in January that he would receive his first salary in Bitcoin (BTC) and Ether (ETH). The salary will be paid in fiat money, such as US dollars, and then converted to digital currency via Coinbase.
Mayor Adam pledged that crypto is part of the welcoming technology in the state despite comments from critics that he is now a proponent of Gov. Hochul’s bill to restrict crypto mining.
The Contribution of New York to the Crypto Ecosystem
The Federal Reserve Bank of New York has formed a collaboration with the Monetary Authority of Singapore (MAS) to investigate the possibilities of using wholesale central bank digital currency (CBDC) for international payments in an effort to promote the use of cryptocurrency in the state.
In an effort to reduce fraud and ensure security in the blockchain industry, New York Attorney General Letitia James recently issued a statement to crypto investors, urging them to contact the Office of the Attorney General (OAG) if they believe they have been deceived or affected by the crypto crash.