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Quick summary: Microstrategy CEO, Michael Saylor, has said that the proposed Bitcoin and crypto regulation based on energy use in New York is damaging to the environment, reputation, and economy of the state Mr. Saylor sees the proposed bill as a demonstration of how the law can be manipulated maliciously He has also
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The order will begin creating a regulatory framework for blockchain technologies and crypto financial assets. Source
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Last week, New York dominated crypto media headlines in very different ways. In New York State, the local Assembly voted in favor of the bill that would ban for two years any new mining operations that rely on proof-of-work (PoW) consensus mechanisms and use fossil fuel-generated energy. A temporary moratorium, which
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The Empire State made two appearances on the regulatory stage last week, and neither was entirely reassuring. On April 25, bill S8839 was proposed in the New York State (NYS) Senate that would criminalize “rug pulls” and other crypto frauds, while two days later, the state’s Assembly passed a ban on
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On April 26, the State of New York put itself at the forefront of the regulatory struggle with crypto, as its Assembly voted for a two-year moratorium on crypto mining operations that use energy generated by fossil-fuel power plants. Depending on how one looks at it, this development could either
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The New York State Assembly passed a bill late on Tuesday April 26 that would place a two-year ban on all new proof-of-work (PoW) cryptocurrency mining facilities in the state that use a carbon based fuel to power their operations.The bill sponsored by Anna Kelles would not only impose a
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However, advocates of the bill noted that existing facilities would remain unaffected by the bill, as well as any facilities that tap renewable resources. The bill itself specifies that the New York Department of Energy "shall not approve a new application for or issue a new permit ... for an
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Quick take: The New York State Assembly is scheduled to vote on a proposed ban on crypto mining activities in the state The vote will be carried out on Monday, April 25th If successful, the Bill proposed under number A7389C will make New York the first state to ban proof-of-work networks such as
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European Central Bank executive board member Fabio Panetta provided an overview of the central bank’s current research on a retail central bank digital currency Friday when he spoke at the IESE Business School Banking Initiative Conference on Technology and Finance. Panetta said the issuance of central bank digital currencies, or
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In an important precedent, a New York State Supreme Court judge in Yates County ruled in favor of cryptocurrency mining firm Greenidge Generation, dismissing a petition filed by a coalition of environmental activists. According to an April 7 press release by Greenidge, Judge Daniel Doyle dismissed a petition against the Greenidge
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