Op-ed: Gov. Kathy Hochul should veto New York cryptomining bill

An exciting new opportunity

Anti-growth and poorly designed environmental policies are far too common in New York, yet this one seems particularly ill-timed and ill-targeted. Stonewalling cryptocurrency mining operations is bad for the future of New Yorkers and our economy. New York state has long been the epicenter of the financial industry and new and emerging industries and technologies. Just because a few extremists passed it in the Statehouse does not mean the governor should scare away this exciting new opportunity that could have a positive impact on our economy.

And there’s a reason why this legislation hasn’t quickly become law. The governor knows as well as anyone that New York cannot afford to be seen once again as the anti-business capital of America. That’s especially true as our economic recovery from the pandemic seems tenuous at best—and we continue to lead the nation in outmigration—thanks to the repeated tax-and-spend policies of one-party rule in Albany.

New York should be the crypto capital of America just as we are the financial capital of the world. That means working with the crypto mining industry, instead of against it, so we can ensure better environmental outcomes and protect needed private investment in upstate New York.

This is one area where Mayor Eric Adams and I agree: Veto this bill, governor.

Robert Ortt, a Republican, is the minority leader in the New York state Senate.