The new task force will be required to submit its first crypto report by December 2020.
New York has become the first state in the nation to have its own cryptocurrency task force, according to a Facebook post published yesterday.
The news was shared by Clyde Vanel, Chair of Subcommittee on Internet and New Technologies and New York state assemblyman. In the post, he said that the New York had become the first state to have its own crypto task force, which will be used to “study how to properly regulate, define and use cryptocurrency.”
New York state Governor Andrew Cuomo signed the bill into law last week, which will henceforth be known as “The Digital Currency Study Bill.”
The members of the task force will be appointed by the Governor, Senate and Assembly, the announcement states, and will include technologists, consumers, institutional and small investors, blockchain businesses and academics.
The team will assemble various reports on the digital currency, crypto and blockchain industries in the state, including the number of digital currencies currently being traded, their market share, and the impact such currencies have on the state and local tax receipts. They’ll be required to submit these reports by 15 December next year.
“New York leads the country in finance. We will also lead in 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 consumers.” Vanel said in the announcement.
Julie Samuels, Executive Director of Tech: NYC also believes that the new task force will play a vital role in positioning New York at the centre of the nation’s innovative strategy.
“New York’s cryptocurrency task force – the first of its kind in the nation – shows how our state is leading the way in studying and understanding these technologies to ensure they can thrive in a responsible and effective way, further solidifying New York’s position as a global hub for smart innovation.”