Clyde Vane, an Assembly member for the 33rd District of the New York State Assembly, announced via a Facebook post on Wednesday that New York has become the first state within America to create a cryptocurrency task force.
The task force will be responsible for studying how to regulate, define and use cryptocurrency, the post said. On December 21, 2018, the Governor of New York, Andrew Cuomo, signed the bill “The Digital Currency Study Bill” (A8783B/S9013) into law.
The members of the task force, which will be appointed by the governor, Senate, and Assembly will include technologists, consumers, institutional and small investors, blockchain companies and academics. According to the post, the task force will need to submit reports by December 15, 2020.
New York to lead the nation in fintech regulation
Commenting on the task force, Vanel, who is also the Chair of Subcommittee on Internet and New Technologies said: “New York leads the country in finance. We will also lead in proper fintech regulation.
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“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.”
Adding to this, Julie Samuels, the Executive Director of Tech:NYC commented: “Cryptocurrencies and blockchain technology will, without a doubt, greatly impact finance and many other industries across the globe for years to come.”
“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.”
While New York is the first state to have a dedicated cryptocurrency task force, other states across the nation have also introduced legislation to create similar task forces. In Connecticut, the governor Dannel Malloy signed SB 443 into law back in June 2018. This was to establish a blockchain working group to study the technology and members will also provide reports on the potential use of crypto in criminal activities.