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In June, Altcoin Buzz reported that the New York Assembly could send an encrypted task force. Today, the chairman of the Internet Subcommittee and new technologies, Congressman Clyde Vanel, has officially confirmed the plan.
In his post on Facebook, he wrote that the governor of New York, Andrew Cuomo, signed the bill A8783B presented by Vanel at the end of December 2017. It provides for the creation of a task force specialized in blockchain. The aim of the letter is to fully explore the cryptocurrencies and its underlying blockchain technology.
The summary of the proposal for the meeting indicates that the document "Create the task force on the digital currency to provide the governor and the legislative body with information on the potential effects of the widespread implementation of digital currencies on the financial markets of the state".
Looking at Crypto in detail
The task force will include nine members from various areas. They will include technologists, consumers, institutional investors and retailers. The representatives of companies and academics are also expected to adhere. Some of them will be nominated by the governor and the temporary president of the Senate. The speaker of the assembly will also have his word.
According to the act, the task force has the right to consult any third party organization it deems necessary. These include people, private organizations and government entities.
The group will be obliged to submit industry review reports by December 15, 2020. In particular, experts will examine how cryptographic exchanges in New York operate and how digital currencies affect local tax revenues and state. In addition, they will examine "the types of investment entities that are large investors in digital currency" and will scrutinize the transparency of the "digital currency market".
The panel will also evaluate the energy consumption needed for coin mining and will compare the crypt regulations in New York with other states. In the end it will produce "possible legislative and regulatory recommendations to increase transparency and security, improve consumer protection and address the long-term impact of the use of cryptocurrency".
Intensify the regulatory game
New York has long been active in the field of cryptography and blockchain. Thus, in May held a major conference on the 2018 conference. At the time James Patchett, President and CEO of the New York City Economic Development Corporation, expressed a desire to turn the city of New York into a center of blockchain. In August, the owner of the New York Stock Exchange, Intercontinental Exchange, launched Bakkt, a new cryptographic trading platform.
Judging by Vanel's tone, he is no less enthusiastic about the future of Crypto in New York. So he noticed:
"New York leads the country in finance, we will also conduct an appropriate fintech regulation.The expert task force will help us to find a balance between the existence of a strong blockchain industry and an economic cryptocurrency, while protecting at the same time investors and consumers of New York ".
The future of unknown BitLicense
In his post FB Vanel also noted that, although BTC recently marked its first anniversary, both the crypt and the blockchain are still in its infancy. He also mentioned that NY was the first state to launch an initiative like BitLicense. However, he did not explain if it will be examined. To remember, not everyone is happy with the initiative. Some of the exchanges, like Kraken, were left after its introduction in 2015.
Instead, Vanel vaguely stated that "Almost four years have passed since the implementation of BitLicense.In space cryptocurrency and technology in general, a few months equals to years."
Vanel vice president, Ed Ra, shares the general enthusiasm and underlines that "New York needs to adequately balance consumer protection by creating a mature environment for investment and innovation in New York State" . So he's happy that the task force was created.
Currently, California and Connecticut are also adopting a task force that aims to explore the potential of the blockchain.
