Mayor Adams took the bearing if it sounded a bit cryptic after Governor Hochul signed the legislation this week limits some cryptocurrency mining in the country, casting the new law as an acceptable step towards smart tech privacy.
Adams, a vocal crypto booster, said he remains focused on making New York a crypto hub. But he said those goals could be offset by efforts across the country to curb the environmental costs associated with some crypto production.
In June, Adams to Crain’s he intends to ask his ally Hochul to veto the bill. Hochul, a Democrat, still authorized the measure as part of 19 bills passed Tuesday.
“I’m sharing my thoughts,” Adams, a Democrat, told the Daily News on Friday. “This is Albany. A lot of the successful things we do take layers and conversations to get to where we want to go.
“That’s the way our government works,” added Adams, a former state senator. “I will work with legislators who are supportive and who have concerns, and I believe we will come to a good meeting place.”
Hochul’s signature authorizes a two-year statewide pause in new permits for cryptocurrency production in fossil fuel-powered facilities that “mine” cryptocurrency on powerful computers with complex algorithms.
The new law makes New York the first state to limit energy-sapping cryptocurrency mining.
The governor handled the legislation carefully. He didn’t take a position in a closer-than-expected gubernatorial race against Rep. Lee Zeldin of Long Island, may be wary of giving Republicans are openers to present him as anti-business.
Adams campaigned with Hochul during the race, rallying with him power base of southeast Queens and stumping for him repeatedly in the last days of the campaign. He attended her election night victory party, just like her already in which in Novembereven if he doesn’t appear on stage.
The mayor of New York City was always at odds with the governor of New York, and much was made of the public relations between Hochul and Adams. Skeptics have wondered if it will last.
In a memo explaining his decision to sign crypto legislation, Hochul promised to “ensure that New York continues to be a center of financial innovation, while also taking important steps to prioritize protecting the environment.”
Environmental activists reject the huge amount of energy required to produce cryptocurrencies like Bitcoin. Other forms of crypto cash do not have a large footprint.
New York law does not touch crypto mining operations that operate with electricity from the power grid, and Hochul suggests the new law could encourage crypto development in hydroelectric facilities.
Still, even before Hochul signed the measure, New York was seen as one of the more difficult states to establish a crypto business.
Adams has sought to change that impression. They said out often support of crypto before taking office, and modified The first three paychecks are the mayor’s to Bitcoin and Ethereum, the two biggest cryptocurrencies.
He has maintained his stance even as the value of Bitcoin has collapsed, and amid the collapse of cryptocurrency exchange FTX, which appears to have cost investors billions.
Adams said crypto is part of a broader financial frontier that New York needs to conquer.
“Right now, there are aspects of this bill that people don’t agree with,” Adams said. “I know Albany. Let’s go back. Let’s see.”
He pointed to it Micron massive computer chip the planned plant to be built near Syracuse is an example of how to balance economic and environmental concerns. New York secured Micron’s investment through an environmentally friendly tax credit bill signed by Hochul.
“We need to be a welcoming place for all technologies. And crypto is part of the overall technology that we see,” Adams said. “The question is: how do we make smart choices so that New York City – and America – becomes a leader in this new technology.”
