New York State recently, became the first state to create a cryptocurrency task force in order to study how to properly regulate, define and use cryptocurrency. The NYS Governor, Andrew Cuomo, only last week signed into law THE DIGITAL CURRENCY STUDY BILL, A8783B/S9013.
The members of the task force, as will be appointed by the Governor, Senate and Assembly, are to submit reports by December 15, 2020. The members consisting of nine members are to include technologists, consumers, institutional and small investors, large and small blockchain enterprises and academics.
The main aims of the force will be to prepare the report examining the impact of regulations on the development of digital currencies and blockchain industries within the state, the interaction of cryptocurrencies’ and local tax receipts, and the transparency of the digital currency marketplace. The task force will also be required to provide the number of digital currencies and exchanges operating in New York state, information about large investors as well as the energy consumed for coin mining operations.
The task force will also provide “a review of laws and regulations on digital currency used by other states, the federal government, foreign countries, and foreign political and economic unions to regulate the marketplace.”
Clyde Vanel, NYS Assemblyman, Chair of Subcommittee on Internet and New Technologies said:
“New York leads the country in finance. We will also lead in proper fintech regulation. The task force of experts will help us strike the balance between having a robust blockchain industry and cryptocurrency economic environment while at the same time protecting New York investors and consumers.”
New York State Assemblyman Ed Ra is or the opinion that,
“New York must properly balance consumer protection with creating an environment ripe for investment and innovation in New York State. Convening experts and stakeholders is a good step forward and I thank Assemblyman Vanel for this leadership on this issue.”