The New York State Assembly passed a bill late on Tuesday 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 two-year hold on approval of any new Bitcoin mines, but the proposed moratorium would also prevent the renewal of permits issued to existing PoW cryptocurrency miners using carbon sourced energy if they seek to increase the amount of electricity consumed. Thrilled that my bill with Senate champion @kevinparkernyc A7389C/S6486D just passed in …

New York State Senator Kevin Thomas introduced a new bill amendment request to establish certain offenses related to rug pulls and other frauds related to virtual token distribution, misuse of private keys and hidden interests in crypto projects. The bill drafted by Senator Thomas, Senate Bill S8839, calls for defining, penalizing and criminalizing frauds specifically targeted at developers and projects that intend to dupe crypto investors. Through the bill, Thomas seeks to provide prosecutors with a clear legal framework against crypto crimes that align with the spirit of the blockchain while combatting fraud. It calls for a law amendment that …

The cost of running a crypto business in New York is about to rise with the state government gearing up to require companies holding a BitLicense to pay assessment fees to ensure they’re complying with regulations. The rule was included in New York State’s FY2023 budget signed into law on April 9 by Governor Kathy Hochul, giving the state’s Department Of Financial Services (DFS) a “new authority to collect supervisory costs from licensed virtual currency businesses,” according to a statement by the DFS. DFS superintendent Adrienne Harris said the fees would bring digital currency businesses in line with those already …

In an important precedent, a Supreme Court judge in New York state’s Yates County ruled in favor of cryptocurrency mining firm Greenidge Generation, dismissing a petition filed by a coalition of environmental activists. According to an Apr. 7 press release by Greenidge, judge Daniel Doyle dismissed a petition against the Greenidge Generation Holdings that a group of environmental organizations — Sierra Club, Seneca Lake Guardian, Committee to Preserve the Finger Lakes, as well as a number of individuals — brought in an attempt to stop the mining operation at Seneca Lake. The petition also called to halt Greenidge’s plans to …

Innovative cities across America are racing to become the next hot spot for cryptocurrency and blockchain adoption. Miami was the first city to adopt its own part of CityCoins last year, allowing it to implement its own cryptocurrency called “MiamiCoin” to be used for civic engagement. New York City has also made a name for itself as a crypto-friendly city by implementing educational initiatives and with Mayor Eric Adams receiving his paycheck in Bitcoin (BTC) in January this year. Austin takes a strong stance Most recently, Austin — the state capital of Texas that goes by the slogan “Keep Austin …

Lobbying by the cryptocurrency industry and crypto proponents is booming in the U.S. Congress. According to a report released Tuesday by Public Citizen, the number of lobbyists for cryptocurrency-related issues rose from 115 in 2018 to 320 in 2021, with the number of representatives of the cryptocurrency industry itself jumping from 47 to 157 in that time. In February, that chorus was joined by the somewhat unorthodox Lobby3, “a project to fund effective policy advocacy and educate lawmakers about the positive potential of Web3” that is the brainchild of former U.S. presidential and New York City mayoral candidate Andrew Yang. …

In further signs of crypto adoption among the art world, a leading United States auction house will accept crypto as payment for a series of paintings. A Jean-Michel Basquiat collection is up for auction by Phillips, with Bitcoin (BTC) and Ethereum (ETH) listed as payment options. The showstopper 16-foot painting, Untitled, 1982, is “estimated in the region of $70 million” (roughly 1650 BTC or 25,513 ETH). It will go under the hammer in New York on May 18th. Scott Nussbaum, Senior International Specialist, 20th Century & Contemporary Art from Phillips told Cointelegraph that buyers “are interested in the option of …

New York state’s efforts to enforce sanctions against Russia have ramped up a gear with the Department of Financial Services, or DFS, expediting the procurement of additional blockchain analytics technology. According to a statement released Wednesday, the department will use the technology to help detect exposure to Russian individuals and entities subject to federal sanctions, by the virtual currency businesses licensed by the department. NY Gov. Kathy Hochul issued an executive order Feb. 27 directing state agencies to divest from Russian institutions and companies, as well as entities that provide them with support. She said: “New York is proudly home …

True Tickets, the blockchain-based digital ticketing platform, made its Broadway debut last Fall in collaboration with the Roundabout Theatre Company in New York City. After a "successful" run thus far delivering digital tickets to the Trouble in Mind play and Caroline, or Change musical, Matthew Zarracina, Co-founder and CEO of True Tickets, talks blockchain and ticketing with Cointelegraph. When a prospective theatre-goer completes a ticket purchase on the Roundabout website and chooses a digital delivery, as opposed to picking up a ticket at will call or printing it at home, that's True Tickets cue to come in. Built on the …

In a new twist for nonfungible tokens (NFTs), Solana-based NFT marketplace Neon deployed an NFT ATM in the financial district of New York, giving people a very familiar way to acquire NFTs. In an interview with Cointelegraph, the Co-founder and CMO of Neon, Jordan Birnholtz shared the story of how the NFT ATM came to life. According to Birnholtz, the idea came as their team members were having lunch. Birnholtz himself is a growth marketer, and his business partner Kyle Zappitell is a former Xbox Mobile gaming engineer "who is passionate about using software to create fun and accessible experiences," …

The husband-wife duo accused in the infamous $3.6 billion Bitcoin (BTC) money laundering case had quite a contrasting valentine. A federal judge upheld the decision of a suspended release for wife Heather Morgan while husband Ilya Lichtenstein has been sent to pre-trial detention. Beryl A. Howell, the chief judge at the Federal District Court in Columbia, ruled that Lichtenstein has the motivation and resources to flee and thus must be kept under detention. While Morgan managed to fulfill the criteria for a suspended release on a bond of $3 million. The lawyer representing the couple denied any motivation for fleeing …

Streaming and production giant Netflix will soon produce a documentary series on the infamous Bitfinex hack — one of the biggest financial crimes from 2016 stealing 119,756 Bitcoin (BTC) — worth $72 million at the time. The Netflix documentary will be centered around a New York-based couple and their link to laundering nearly 120,000 BTC tied to the crime. According to Netflix, the documentary will be directed by American filmmaker Chris Smith with Nick Bilton as the co-executive producer. The announcement read: “Netflix has ordered a documentary series about a married couple’s alleged scheme to launder billions of dollars worth …