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In a first of its kind, New York now has a special task force for the cryptocurrency industry declared by a member of the New York State Assembly or New York State Assembly. This would be the first state task force for the analysis of cryptocurrency and its operation
In the post on social media, Clyde Vanel, who is a member of the assembly and holds an important position in the subcommittee on new technologies and the Internet of the state parliament in New York, said that New York became the first state in the United States United States to introduce a cryptocurrency task force that focuses primarily on the study, evaluation and surveillance of the use and regulation of the digital currency. Andrew Cuomo, who is the governor of the state, has signed the special bill called "The Digital Currency Study Bill" which was legalized at the end of December, last year.
In June, the central committee of New York state parliamentary banks voted to introduce the bill to build a task force for digital money. The task force will include members including investors, technologists, blockchain companies, consumers and academics. The governor would only appoint the members.
The task force team will analyze the impacts of various regulations introduced for the development of blockchain and other digital currencies and associated industries within state borders. They will also study the effects of cryptocurrencies on national tax revenues and the authenticity and transparency of the digital money market.
Julie Samuels, who is the executive director of Tech: NYC, a nonprofit organization representing New York technology companies, said blockchain technology and other cryptocurrencies would have a major impact on the economy and on the finance of many of the industries all over the world for many years to come. He reiterated that now, New York is the global financial hub. And in the days to come, NY will also lead in various fintech regulations. The special units of a task force created would help to find the right balance between a blockchain industry that is robust in nature and an efficient cryptocurrency environment, while safeguarding consumers and investors in New York.
Similarly, some other states in the United States of America have introduced various legislations to build government-regulated public entities to analyze the potential impact of cryptographic industries and the blockchain on public finance. Previously, last year in June, Dannel Malloy, who is the governor of Connecticut, signed a special bill that would create a blockchain group that would investigate the various cryptographic technologies. It would also establish the duration within which the investigative bodies would be required to provide various reports on the potential use of crypto-related technologies for antisocial and criminal activities.
