New York Bill Against Mining Could Be An Executive Order To Decapitate Bitcoin In The US – Dennis Porter

Bitcoin mining ban in NY

Robert J Salvador, the CEO of BackedByY Combinator says that the planned ban on Bitcoin mining activity by the state of New York could be an Executive Order to limit the use of BTC in the United States.

Salvador made the comment after a Bitcoin maximalist, Dennis Porter warned that the crypto community may be struck with a series of  mining bans.

Porter said this via a Twitter post on June 5, in an apparent reference to the proposed ban on Bitcoin mining by the state of New York.

According to Porter, who is the founder and CEO of SatoshiActFund, the cryptocurrency community in the United States could be subjected to what their counterparts in China went through.

Porter stated that:

“We can’t sit back and wait as they attack this important industry. We need to go on the offense for #bitcoin mining or risk becoming the next China”

Conservation And Green Energy

Porter made the comment after the state of New York, last week, proposed a blanket ban on bitcoin mining in a bid to focus on green energy.

The bill that was passed last Friday wants to crack down on mining activities that are focused on carbon-based energy sources.

Even though the Governor of the state, Kathy Hochul, has the final say if the bill will be approved, it is the first time a US state has moved against cryptocurrency infrastructure.

The bill seeks to place a 2-year suspension on mining of cryptocurrencies in the state.

In his reaction to the comment by Porter, Robert J. Salvador, a Harvard associate, said that the planned Executive Order could be a move to decapitate Bitcoin in the United States.

Call For A Proactive Industry

According to him,

Hence why I’ve continued to say that the EO action will be an attempt to decapitate BTC in the US. We need to fight. Not wait and be reactive as it seems some of our Crypto reps in DC are doing.

Industry analysts posit that the move to ban bitcoin mining using carbon-based energy sources may be premised on new tax opportunities that it presents or proof-of-stake lobby groups. Nevertheless, some maintained that mining of bitcoin using green energy would give the cryptocurrency a good reputation.

 

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.

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