Lawyer Jake Chervinsky tweeted that he hoped the governor would veto the bill “for the sake of New York” in a statement that was widely circulated.
As the state of New York advances legislation that, if passed, will prohibit proof-of-work (PoW) mining, members of the crypto community express their displeasure on social media.
Jake Chervinsky, the head of policy at Blockchain Association, explained in a Twitter thread that the move will not “reduce carbon emissions” at all. According to Chervinsky, a mining ban will only drive miners away from New York and into areas where the state has no control.
Chervinsky hopes that the bill will be vetoed by New York Governor Kathy Hochul “for the sake of New York.” The move, according to the lawyer, sends a message that “crypto is not welcome” in the state. If the bill is passed, Chervinsky believes it will be a policy blunder by the world’s financial capital.
Aside from Chervinsky, US Senate candidate Bruce Fenton also opposed the move. He stated in a tweet that governments do not have the authority to dictate which software people should use. He stated that “code is speech,” implying that the ban is an attack on free speech.
Vitalik Buterin, the creator of Ethereum, agreed with Fenton as well. Buterin stated that the government should not decide which applications are “acceptable” uses of electricity. He proposed implementing carbon pricing and using the proceeds to compensate low-income users.
The New York State Senate approved a bill to prohibit PoW mining on June 3. If approved by the governor, the bill would prohibit mining in the state and would make it difficult to renew previously approved mining permits.
Amid the push to ban mining, New York Attorney General Letitia James warned New Yorkers against investing in cryptocurrency. In an investor alert, James stated that many people are “losing billions” in cryptocurrencies and that even well-known projects could fail.