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A member of the New York State Legislature Assembly (NYS) announced in a Facebook post on January 3 that the state will have the "first" task force of the nation's cryptocurrency.
In the post, Clyde Vanel, a member of the NYS assembly and chair of the subcommittee on Internet and new technologies, said that New York became the first state in the United States (USA) to create a cryptocurrency task force aimed at study the regulation, use and definition of digital currency. Governor Andrew Cuomo signed the bill "The Digital Currency Study Bill" in law on December 21, 2018.
In June, the New York City legislature committee voted to advance the bill to create a task force on digital money. Task force members – including technologists, consumers, investors, blockchain companies and academics – appointed by the governor, the Senate and the Assembly will have to present relevant reports by December 15, 2020.
The report will study the impact of regulations on the development of digital currencies and blockchain industries within the state, the use of the effect of cryptocurrencies on local tax revenues and the transparency of the currency market digital.
Commenting on the initiative, Julie Samuels, executive director of a nonprofit organization representing New York technology companies, Tech: NYC, said that "cryptocurrencies and blockchain technology will undoubtedly influence finance and many other industries around the world for years to come. "Vanel declared:
"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 ".
Other states in the United States have introduced legislation to set up government bodies to study the potential impact of blockchain and crypt industries on state trade. In June, Connecticut Governor Dannel Malloy signed the SB 443 into law, which established a blockchain working group to study technology. The law also established deadlines for investigating and reporting on the potential use of the crypt in criminal activities.
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