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The State of New York is officially launching a cryptocurrency task force to help the state understand the cryptocurrencies and their underlying blockchain technology.
Governor Andrew Cuomo signed a bill last month creating the task force to study cryptocurrencies, other forms of digital currency and blockchain technology, according to a press release released Wednesday by the project's sponsor, Congressman Clyde Vanel.
The task force will be composed of technologists, consumers, institutional and retail investors, representatives of companies and academics; the members will be nominated by Cuomo, as well as the Senate and the Assembly of the State. The panel will be required to submit technology reports by December 15, 2020.
These reports will include proposals on how the state can better regulate, define or use cryptocurrencies, as well as large overviews of space, including the energy cost of mineral cryptocurrencies, as cryptocurrencies are exchanged within the state, as these negotiations could influence tax collection and a number of other aspects.
New York has already developed its own regulation on cryptocurrency activities in the form of its controversial BitLicense. Only 14 licenses have been granted since the regulation was introduced four years ago.
While the new law does not explicitly mention updating or modifying the license, Vanel's press release found that space has changed significantly since the regulation was written.
Striking in balance
Vanel, who represents the Western Bronx and is the chairman of the subcommittee of the Assembly on the Internet and New Technologies, stated in a statement that the state already "leads the country in finance" and "will also lead to an appropriate fintech regulation" . He added :
"The expert task force will help us find a balance between the existence of a strong blockchain industry and the economic environment of cryptocurrency, while protecting investors and consumers in New York."
Vanel first proposed the task force at the end of 2017, introducing the bill in December of that year along with a series of other measures to increase the understanding by the state government of technology and its possible uses .
Assembly Member Ed Ra noted in a statement that the state should balance consumer protection by encouraging investment and innovation. To this end, he said, "the convening of experts and stakeholders is a good step forward".
Lawmakers across the country have recognized that, in order to regulate cryptographic space, they must first understand it better. The US House of Representatives approved a bill last year by proposing a similar task force to analyze cryptocurrencies, albeit with a focus on financial crimes. That bill is currently sitting in front of the United States Senate.
At the state level, California is also forming a blockchain working group tasked with studying how the state could use blockchain technology.
Image by Andrew Cuomo through Sgt. Jose Diaz-Ramos / DOD U.S.
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