New York lawmakers have introduced a controversial bill aimed at suspending some proof-of-work (PoW) crypto mining operations in the state for two years.
Members of the New York Assembly Ways and Means Committee considered the bill at a meeting on Monday and voted to bring it to the general assembly for a vote, which could be as early as Thursday, according to people familiar with the matter.
If passed, the bill would go to the state Senate. Instead of banning all cryptocurrency mining in New York, the bill would suspend the issuance of new licenses for PoW mining operations for two years, experts said.
But cryptocurrency advocates worry that passage of the bill will pave the way for future legislation to crack down on cryptocurrency mining in New York, and that the crackdowns could harm the industry statewide.