NY Announces First Ever US Crypto Task Force
January 29, 2019 1:02 pm
New York State (NYS) Legislature’s assemblyman has announced that the state is planning its first cryptocurrency task force. This news was first revealed through a Facebook post on 3rd January 2019.
Clyde Vanel, an NYS Assemblyman and Chair of Subcommittee on Internet and New Technologies was the person who posted this information. He said that New York has become the first state in the United States to create a task force for cryptocurrencies. This team will be responsible for studying the use, regulation, and definition of digital currencies. Notably, “The Digital Currency Study Bill” was signed by Governor Andrew Cuomo into law on 21st December 2018.
In June 2018, NYS legislature’s banks committee voted to create this digital currency task force. The members of this team include technologists, investors, consumers, blockchain companies and academics. The team has been appointed by the governor, Assembly, and Senate. They are expected to submit their reports by December 15th, 2020.
The reports will be used to study the development of digital currencies and blockchain industries within the state amidst the regulations and its impact. It will also investigate the effect on local tax receipts and the transparency of digital currency marketplace through the use of cryptocurrencies.
“Cryptocurrencies and blockchain technology will, without a doubt, greatly impact finance and many other industries across the globe for years to come. New York leads the country in finance. We will also lead to 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 consumer.”
Various states in the U.S. have introduced legislations in an attempt to create government bodies as a means to study the impact of blockchain and cryptocurrency industries on state commerce.