NY GOV SIGNS NOVEL LAW THAT LIMITS CRYPTOMINING, FOR NOW

New York is taking a first-in-the-nation step to tap the brakes on the spread of cryptocurrency mining, under legislation that Gov. Kathy Hochul signed this week.

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The measure comes amid growing scrutiny of the cryptocurrency industry following this month’s collapse of the FTX exchange. But New York’s measure, which passed the state Legislature in June, is specifically concerned with the environmental aspects of crypto.

“I will ensure that New York continues to be the center of financial innovation, while also taking important steps to prioritize the protection of our environment,” Hochul, a Democrat, said in a message explaining her approval.