The Blockchain Association, a non-profit organisation, has decided to leave New York State. As the governor of the US state of New York, Cathy Hocul, signed into law a bill imposing statewide restrictions on cryptocurrency mining using electricity generated from non-environmental sources. New York became the first state in the US to impose strict regulation of related activities.
As a result, Blockchain Association founder and chief executive Christine Smith said the organisation would rebuild its headquarters and resources in Washington, in order to oppose oppressive policies. She also said that the organisation's mission remains unchanged: to promote the crypto industry in the US.
Since 2023, financial regulators and authorities in the United States have imposed a large number of sanctions on participants in the digital asset industry. This was caused by the collapse of the FTX trading platform and the bankruptcy of many investors and lenders.
The US Securities and Exchange Commission (SEC) seems to have taken on its most stringent obligations, imposing restrictions on some major cryptocurrency exchanges and imposing fines on their operations. This has had a huge impact on the virtual asset market.
Supporters of cryptocurrencies were furious at such actions by regulators, believing it was done to hinder the growth and development of the technology out of self-interest.
