The New York state legislature voted last May 30th to progress a bill that would create a digital currency task force. The task force would be ordered to study the potential effects of the use of cryptocurrencies on financial markets in the state of New York.
If passed, Senate Bill A08783 would establish a group of nine members which would be called on to prepare and submit a report to the governor, temporary president of the Senate, and the speaker of the assembly by December 2019. During the writing of the report, the task force may reportedly consult with any organization, government entity or person.
The bill stated that the report to be submitted by the task force would study the impact of regulations on the development of cryptocurrency and blockchain industries in New York state, the effect the use of crypto would have on local tax receipts and look into the transparency of the cryptocurrency marketplace.
In addition, the task force would also provide the number of crypto exchanges operating in the New York state area, provide information about large investors in the field of crypto and look into the energy needs necessary for coin mining.
The proposed task force would also be called on to provide :
“A review of laws and regulations on digital currency used by other states, the federal government, foreign countries, and foreign political and economic unions to regulate the marketplace.”