Kevin O’Leary, a well-known TV personality and multimillionaire investor, believes New York State’s proposed Proof-of-Work (PoW) prohibition will drive firms away. According to the crypto bull, the state, along with California and Massachusetts, is uninvestable because of weak management and anti-crypto regulations. Meanwhile, he does not believe Terra’s collapse will lead to a rejection of the stablecoin business, stating that the sector needs regulatory clarity. “The State of New York is Uninvestible” A moratorium law targeting carbon-based PoW mining sites was enacted by the New York State Assembly last month. The bill has yet to be signed into law by the governor because the Senate has yet to vote on it. In a recent interview with CNBC, Kevin O’Leary described the anti-crypto industry sentiment as a major mistake. He claimed that the state has failed to capitalize on its abundant hydroelectricity, a renewable energy source. Many miners, he claimed, would prefer to use it over carbon energy. “They can get a lot of taxes and good jobs out of this, and all they have done is to scare the capital away.” The Canadian entrepreneur used his own experience to support his position, stating that he had redirected capital that would have otherwise gone from New York to Norway. He went on to say that states like California, Massachusetts, and New York are “poorly administered” and have insecure rules on digital assets. Thus, he would a...
