The proposed crypto mining tax will be implemented in tiers. Miners consuming up to 2.25 million kilowatt-hours (kWh) annually will be exempt. However, those using between 2.26 million to 5 million kWh will face a tax of 2 cents per kWh. For miners whose consumption ranges from 5 million to 10 million kWh, the tax increases to 3 cents per kWh. The rate further escalates to 4 cents per kWh for those utilizing up to 20 million kWh. Finally, any mining operation exceeding 20 million kWh per year will incur a tax of 5 cents per kWh.

Impact of the Crypto Mining Tax on New York State

This proposed legislation is not unprecedented but could have substantial impacts on the crypto mining industry. Companies reliant on grid electricity may find their profit margins squeezed even tighter, potentially forcing them to relocate to regions without such regulatory expenses.

Interestingly, the bill exempts miners who use 100% renewable energy. These miners were permitted to remain operational under a two-year mining moratorium that began in 2022 and expired in 2024. This exemption could provide an incentive for companies to invest in renewable energy infrastructure.

Challenges for Crypto Miners

With electricity costs being a critical component of mining operations, companies that use renewable energy in remote areas may gain a competitive edge. These businesses can mitigate the fluctuating costs of energy, which is a crucial factor in the mining process.

The median cost to mine a single Bitcoin (BTC) soared to over $70,000 in the second quarter of 2025 due to increasing mining difficulty and network hashrate, as reported by TheMinerMag. Rising energy prices in early 2025, estimated at $0.08 per kWh, doubled the costs for TeraWulf, a mining firm in upstate New York. This led to a reported loss of $61.4 million during the period.

It’s clear that the proposed crypto mining tax in New York State could significantly alter the landscape for miners, especially those unable to switch to renewable energy sources.

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Dara, a Columbia Law School graduate, has hinted that his campaign might heavily focus on the role of digital assets. In recent statements to Cointelegraph, he emphasized the necessity of ending ‘lawfare,’ particularly in the crypto space. This signals a direct challenge to the current New York AG, Letitia James, who has been proactive in taking legal actions against various crypto entities.

Crypto Lawyer’s Vision for Change

Dara’s platform is rooted in the belief that state AGs should not act as de facto national regulators. He argues that the regulatory landscape should not be filled by state officials attempting to compensate for perceived gaps in federal policy. With New York being a pivotal commerce hub, home to companies like Gemini and Chainalysis, the role of the AG is crucial in shaping the future of digital asset regulation.

The current AG, Letitia James, has made headlines by targeting crypto platforms involved in fraud allegations, such as NovaTech. Her aggressive stance has been both praised and criticized, with some viewing it as necessary protection for New Yorkers, while others see it as overreach.

The Crypto Community’s Perspective

According to Dara, the crypto community in New York seeks fair treatment, not preferential policies. He argues that the state’s rich talent pool in crypto, tech, and venture capital should be embraced rather than stifled. The sentiment echoes that of other crypto advocates who have participated in political races, challenging the status quo.

John Deaton, a well-known lawyer for XRP tokenholders, previously ran against Senator Elizabeth Warren, underscoring a growing trend of crypto advocates entering the political arena. Dara’s potential candidacy represents another chapter in this ongoing saga, highlighting the intersection of law and digital finance.

As of now, Michael Henry, a Republican who previously lost to James, is the only other declared candidate for the 2026 New York AG race. Dara’s entry could shake up the field significantly, especially with his focus on crypto-related issues.

What Lies Ahead?

Whether Dara chooses to run remains undecided. However, his public support for figures like Roman Storm, a Tornado Cash co-founder, and his critiques of prominent politicians such as Elizabeth Warren, suggest he is positioning himself as a strong advocate for the crypto industry.

The political landscape in New York could be poised for change, especially as the state’s residents increasingly engage with digital assets. Dara’s campaign, if it materializes, will likely center on redefining the role of the AG in a digital world, ensuring that regulatory approaches are balanced and fair.

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Living up to its name, Livepeer is a decentralized protocol that uses the power of the Ethereum blockchain to revolutionize the video processing industry. It offers a platform for any participant to integrate video content into applications with superior efficiency and cost-effectiveness compared to traditional methods.

The core principle driving Livepeer’s operations is decentralized video processing. This is achieved by distributing transcoding tasks among an extensive network of node operators. Transcoding is a vital process that converts raw video files into an optimal format tailored to each user’s screen size and internet connectivity. This mechanism ensures the seamless delivery of video content.

Livepeer’s system thrives on game theory, cryptoeconomic incentives, and smart contracts, all of which contribute to creating a secure, reliable, and economical video processing infrastructure.

The Livepeer token (LPT), the native asset of Livepeer, is instrumental in ensuring network security and equitable distribution of video processing tasks among participants. As an ERC-20 token, it not only safeguards the network but also actively encourages participation by incentivizing network roles. The network’s stability, security, and robustness scale in proportion to the amount of LPT committed to it.

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John Woeltz, 37, and William Duplessie, 33, pleaded not guilty on Wednesday to charges related to a three-week kidnapping in Manhattan’s wealthy SoHo district. Prosecutors claim the men tortured their victim with electric shocks and physically threatened him to extract his bitcoin password. Both men have been held since their arrest last month and face potential life sentences if found guilty.

According to the Manhattan District Attorney’s office, the accused duo seized the man’s electronic devices and password on May 6, then demanded his cryptocurrency password. The victim’s refusal led to a series of brutal assaults spanning three weeks in an upscale townhouse until he found an opportunity to escape.

Court documents reveal that Woeltz and Duplessie bound the victim’s wrists, struck his head with a firearm, and threatened his family’s lives. Justice Gregory Carro has ordered the defendants to remain behind bars without bail until their next hearing, slated for July 15.

Local media outlets have labeled Woeltz as a cryptocurrency investor. The alleged victim, an Italian man, also reportedly had connections to a New York-based crypto hedge fund, according to the New York Times, which cited an internal police report described by a law enforcement official.

The case adds to a growing list of crypto-related kidnappings, with three such incidents reported in France this year alone. The booming prices of bitcoin and other digital currencies in recent years have spawned a class of wealthy investors who may become attractive targets for criminals, security experts warn.

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The unique feature of Marinade.Finance is that it allows users to stake Solana without having to lock up their liquidity. This is achieved by converting SOL into mSOL, a tokenized version of staked SOL, which can then be utilized within the Solana DeFi ecosystem for various purposes such as lending protocols, NFT purchases, and liquidity provision.

The governance of Marinade is facilitated by the MNDE token, a DAO functioning on the Solana blockchain. This token was launched in October 2021 without an Initial Coin Offering (ICO) or Venture Capital allocation. The MNDE token enables holders to be part of the decision-making processes, from voting on proposals to influencing delegation strategies.

A notable characteristic of the MNDE token is its ability to control 20% of the total SOL in the Marinade Stake Pool. This provides holders a say in validator selection. In addition, the MNDE token supports tools like the MNDE calculator which assists users in estimating potential ROI. Locked MNDE token holders have governance rights over the protocol’s treasury and can influence its future development.

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Harris stated, “Members of Congress regularly approach us [NYDFS] for information about our procedures, regulations, and advice on how to approach legislation concerning federal regulation and legislation.”

Harris acknowledged that the NYDFS had been “unnecessarily harsh” and resource-deficient in the past. However, she noted that the NYDFS now operates on a “tough but fair” basis under her leadership, with the digital currency oversight team having since doubled.

Before assuming her role at the NYDFS in September 2021, Harris had worked in the education, nonprofit, and private sectors. In New York State, crypto businesses must secure a BitLicense or a limited-purpose trust charter. Harris said, “We’ve added nine new regulatory guidelines, so securing a BitLicense or a limited-purpose trust charter remains quite challenging.”

However, the stringent regulations have proven their worth. Crypto companies such as FTX, Voyager, and Celsius, which failed to meet NYDFS standards and subsequently went bankrupt, stand as examples. Legal proceedings against these companies have taken years and caused industry-wide disruptions. FTX’s founder, Sam Bankman-Fried, and Celsius Network’s Alex Mashinsky received prison sentences of 25 and 12 years respectively, while Voyager’s founder, Steven Ehrlich, is currently facing legal charges for alleged customer deception.

Despite recent disputes over the GENIUS Act, Harris remains “hopeful” that Congress will eventually pass stablecoin legislation. She stated, “We’ve been collaborating with Congress on various aspects of their crypto and stablecoin legislation for nearly three years now.”

Harris also revealed that all recent legislations related to stablecoin regulation have undergone scrutiny by New York officials. “There isn’t a version of any of those bills, whether they’re from the House or Senate, Republicans or Democrats, that doesn’t seek feedback from our team,” she stated, adding that most of these suggestions have been integrated into the legislations.

According to Harris, the NYDFS continues to aim to be “a state path for crypto companies.”

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Siu emphasized that the decision to seek a US listing is not dependent on market fluctuations but is instead influenced by timing and strategic positioning. Animoca was delisted from the Australian Securities Exchange in 2020 due to governance issues and the uncertain status of certain cryptocurrencies, but has since assembled a strong investment portfolio, with stakes in OpenSea, Kraken, and Consensys.

Animoca disclosed unaudited profits of $97 million on $314 million revenue for the year ending December 2024, marking a significant surge from the preceding year. The company, according to Siu, is the globe’s largest non-financial crypto entity, with $300 million in cash and stablecoins and over $538 million in digital assets.

Other Animoca portfolio companies, including US-based Kraken, might also pursue listings in the US around 2025 or 2026. With the return of former President Trump to office, the US has seen a decrease in enforcement actions against digital asset firms, which had previously stifled innovation and deterred foreign companies from entering the US market.

Siu referred to this as a “unique moment in time,” stating that failing to seize it “would be a tremendous missed opportunity.” Since Trump’s election triumph, the US Securities and Exchange Commission has suspended or dismissed numerous enforcement cases against crypto companies. Moreover, the Department of Justice recently dissolved its cryptocurrency enforcement unit, hinting at a more lenient approach toward the sector.

This policy shift seems to be revitalizing industry confidence. OKX, for instance, has disclosed plans to set up a US headquarters in San Jose, California, only months after resolving a $504 million case with US authorities. Furthermore, on April 28, Nexo, which had exited the US in late 2022 due to regulatory ambiguity, announced plans to reenter the US market.

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The lawsuit was filed in the United States District Court for the Southern District of New York. It represents all individuals and entities who have bought or otherwise obtained Bakkt securities between March 25, 2024, and March 17, 2025 – a period under close scrutiny. Investors have until June 2, 2025, to submit an application to the Court for the position of lead plaintiff in the lawsuit.

The firm encourages all investors who have stake in Bakkt during the aforementioned period to get in touch. This call to action suggests the gravity of the situation and highlights the importance for all affected parties to step forward.

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On December 21st, the United States Attorney’s Office for the Southern District of New York announced the plea agreement reached with Ellison. As stated in the paper, the former Alameda executive will be exonerated of all key allegations, which could have resulted in a term of up to 110 years in jail.

Ellison was hit with seven separate charges. Two people said she was involved in and conspiring to conduct wire fraud against FTX clients. Two others claimed she plotted to conduct wire fraud against Alameda Research’s financiers. Commodities fraud conspiracy was count five, while securities fraud conspiracy against FTX’s equity investors was count six. The seventh count said that she was involved in a money laundering conspiracy.

In return for Ellison’s cooperation — the full disclosure of all the information and documents required by prosecutors — the Attorney’s Office agreed not to prosecute her on any of these seven offenses.

This agreement does not shield Ellison from legal action taken by any other governmental entity. In the event that any criminal tax offenses are uncovered throughout the course of the litigation, they will not be prosecuted.

U.S. federal prosecutors have indicated that they would not challenge Ellison’s release on bail, provided that she pays a $250,000 bond, remains in the country, and surrenders all passports and other travel papers.

Meanwhile, former FTX CEO Sam Bankman-Fried is already in FBI custody and on route back to the United States, where he will be sent straight to the Southern District of New York to stand before a court.

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Novogratz said, I don’t believe that Bitcoin may rally quite aggressively till the time we get some kind of pause. He said this during one of the TV interview. At the same time, Novogratz even noted that he also had earlier forecast for the 2022 array of $30,000 and $50,000 for the Bitcoin. This was little changed on Tuesday about $39,200 that was in the trading of New York.

Bitcoin – Biggest cryptocurrency

The biggest digital asset through market value had also surged previous year to the record highest with various risk assets for the reason of the pandemic related to the liquidity which has been provided by Fed.

Now with Fed which is about to tighten, the investors are also now in the phase of re-evaluating the entire risk. This is with the consequences of war in between Russia and Ukraine.

Basically, Bitcoin is the quite fascinating narrative story. It is about bringing people in the community. It is quite difficult to bring in the new people when the house is on the fire.  Because of war in the Ukraine that is contributing to the volatility of the market. That about the zero chance, even the Russian government may also use the crypto currencies for avoiding the sanctions. There is something which few lawmakers have also expressed concern.

Novogratz even called for the BitLicense of New York, it also required for the crypto businesses in such kind of state which is to be canceled. He then said, that we got rid from BitLicense. It’s quite difficult to do the business in the state of New York because of such kind of the requirement.

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