New York City Mayor Eric Adams plans to ask Governor Kathy Hokul to veto the moratorium on cryptocurrency mining.

Adams believes the moratorium will hurt the state’s economy. He believes that the authorities should not create barriers for miners who can contribute to the development of the region.

Recall that in April, the Lower House of the New York State Legislature supported a bill establishing a two-year moratorium on issuing new permits for the production of cryptocurrencies using electricity generated from hydrocarbon sources.

In June, the state Senate approved the proposal. The document will go into effect after it is signed by the governor.

Industry representatives said the moratorium would lead to an exit in the cryptocurrency mining business and would do little to meet the bill’s goals.

Adams is a supporter of cryptocurrencies. During his election campaign, he announced plans to make the city more friendly to crypto assets.