Mayor Adams, who has raised at least $200,000 from donors engaged in crypto activity between 2018 and 2021, has latched onto crypto's promise of being a financial equalizer. Skeptics warn against the industry pushing legal and ethical boundaries.
“It fits the persona he’s trying to create,” said Hank Sheinkopf, a veteran political consultant. “He is the mayor of new versus old, of swagger versus complacency.”
Critics, led by U.S. Sen. Elizabeth Warren of Massachusetts, have warned that the industry is vulnerable to fraud and called out the massive energy required by most blockchains to verify the transactions — a process known as crypto mining that awards digital currency to those that perform verifications.
In New York’s Finger Lakes region, environmentalists have spent more than a year protesting a natural gas plant that powers a bitcoin mining operation with“Why New York wants to allow this type of mining to continue is very sad to see,” Williams said in an interview.
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