NY First in the US to Form Crypto Task Force
The state of New York will become the first in the country to officially launch a crypto task force that will focus on helping the state understand cryptocurrencies and its underlying Blockchain technology.
A press release was issued by Assemblyman Clyde Vanel, the sponsor of the bill that was passed and signed last month in December by Governor Andrew Cuomo, announcing the creation of this new task force.
The Digital Currency Study Bill
On December 21, 2018, this bill, named The Digital Currency Study Bill, was passed into law by the Governor of New York State.
According to this new law, the task force will have representation from consumers, technologists, academics, investors as well as Blockchain companies. The members of this new group will be appointed by the Assembly, Senate as well as the Governor of New York.
The task force will be charged with submitted reports about the industry and the technology by December 15, 2020, and will assess and analyze the impact of regulations on the growth and development of cryptos and Blockchain technology in New York State.
Additionally, the reports will also present an analysis on the impact of using cryptocurrencies on local tax receipts as well as the level of transparency within the cryptocurrency marketplace.
Creating a Balance within the Industry
According to Vanel, this new task force will help the state government to strike a balance between having a strong crypto economic environment and Blockchain industry, and protecting the interests of the consumers and investors.
Vanel had proposed the creation of such a task force in 2017, and had introduced the bill in December of 2017, along with other measures focused on helping the New York State government have a clearer understanding of the nascent market and industry.
His colleague, Assemblyman Ed Ra also commented that creating a task force with experts as well as stakeholders was a good step forward in creating that balance that their government was looking for.
Other States also Looking at Legislations in Crypto
New York State in not the only state to take steps towards creating greater understanding about cryptocurrencies and Blockchain technology. Other states across the country have also introduced various types of legislation to create government sponsored organizations to analyze and study the possible impact of the cryptocurrencies and Blockchain technology.
In June last year, the Governor of Connecticut Dannel Malloy signed another bill – SB443 – into law. This new law now established a working group to analyze the nascent industry within a specified time frame.