New York to Assemble First US Crypto Task Force

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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term 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.

“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 Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term 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.