On June 2, 2022, the New York Legislature passed a bill, S6486D, that would place a two-year moratorium on certain new cryptocurrency mining operations at fossil fuel energy plants in New York. The bill would also limit circumstances in which mining operations currently operating at plants in New York would be able to renew the permits or registrations that allow them to operate. However, the bill would not immediately require existing mining operations to cease, and the bill will not become effective unless it is signed by New York Governor Kathy Hochul.
On February 14, the Securities and Exchange Commission (SEC) announced that it had entered into a settlement with BlockFi Lending LLC, a subsidiary of BlockFi Inc., (collectively BlockFi) over first-of-its-kind charges that BlockFi had failed to register the offers and sales of its retail crypto lending product, BlockFi Interest Accounts (BIAs), and that BlockFi had violated the registration provisions of the Investment Company Act of 1940. The charges and resulting settlement not only provide a path forward for BlockFi, but also provide clearer guidance to all players in the retail crypto market and especially those involved with crypto lending platforms.