As per the announcement of an assemblyman from the New York State (NYS) legislature via a Facebook post, dated January 3, the country will soon have the nation’s “first” cryptocurrency task force.
As per the statement of the NYS Assemblyman and Chair of Subcommittee on Internet and New Technologies, Clyde Vanel, New York will become the foremost state in the United States (U.S.) to generate a cryptocurrency task force. The task force will focus on the monetary and regulatory issues that will describe the usage of the digital currency, along with the definition of the same. The governor Andrew Cuomo has countersigned the designated bill “The Digital Currency Study Bill” hooked on the law as on Dec. 21, 2018.
Vanel also said that: “New York leads the country in finance. We will also lead to proper fintech regulation. The task force of experts will help us strike a balance between having a robust blockchain industry and cryptocurrency economic environment while at the same time protecting New York investors and consumers.”
Earlier, in June, the bank’s committee representing the NYS legislature had been nominated which will be responsible for the development of the bill that will help to create a successful digital currency task force. The task force team consisted of technologists, customers, potential investors, blockchain companies and academics that were allotted by the governor, Senate, and the Assembly. The task force is required to deliver the required relevant reports till Dec. 15, 2020.
Such reports will monitor the policy and the regulation strategy which will be directly associated concerning the development of digital currencies and the blockchain sector that prevails within the state. It shall also deliver the consequences on the use of such cryptocurrencies which affect the receipts of the local tax, and the intelligibility of the digital currency marketplace.
Further, Julie Samuels, who is designated at the role of executive director of a non-profit organization and also a representative for the New York City tech companies, quoted that “cryptocurrencies and blockchain technology will, without a doubt, greatly impact finance and many other industries across the globe for years to come.”
However, few states prevailing in the U.S. country has introduced various other legislation which will help to form a government structure to observe the probable collision related to the blockchain and crypto industries on state commerce.
In June, Connecticut governor Dannel Malloy has signed SB 443 into law, which recognized a blockchain working team to monitor the issues related to technology. Further, the law also introduced time-frames which deal with the process of investigation and also entitled to provide reports on the possible use of crypto in criminal activities.