A New York State Senator proposes the creation of a 17-member task force to assess the current impact of the cryptocurrency market in the state.
New York State Senator James Sanders Jr made the proposal yesterday, February 12, following the introduction of a new bill. Dubbed the New York State Cryptocurrency and Blockchain Study Act, the bill seeks to create a task force to examine the impact of crypto in the state.
Task Force Composition
According to the bill, the proposed task force will have 17 members. The governor of New York shall appoint seven of them, including officials from academia, financial services, and environmental.
In addition, the temporary president of the Senate will appoint four members, while the Speaker of the Assembly will appoint another four. The remaining two group members include the Comptroller of New York and the State’s Attorney General.
Roles of the Task Force
If created, the task force will examine the regulatory, environmental, and financial impact of New York’s crypto market. The group will also identify the number of tradeable cryptocurrencies and exchanges in the state.
Furthermore, it will recommend regulatory measures to boost consumer protection and security and tackle the long-term impact of crypto use.
Per the proposal, the 17 members will be appointed within 90 days from the date of the bill’s enactment. Afterward, the group will report its findings to the legislature and governor before December 15, 2027.
Status of the Bill
Currently, the bill is still under committee review. After the review, it must pass a floor debate and vote in the New York State Assembly and Senate before the governor will sign it into law.
New York is known for its strict regulation against the crypto industry. In 2015, it introduced the BitLicense program, requiring crypto businesses to obtain a license before operating in the state.
Even though some companies have successfully obtained this license from the NYDFS, many crypto enthusiasts have criticized the program for its stringent AML and KYC requirements and high fee demands.
VanEck Expects SBR Bills to Drive $23B Bitcoin Buy
Meanwhile, the proposal aligns with a similar effort observed in other states in the United States. Currently, over 20 states are considering crypto legislation, including bills relating to the creation of a Strategic Bitcoin Reserve (SBR).
Yesterday, VanEck’s Head of Digital Asset Research, Matthew Sigel, speculated that if the SBR-related bills are passed in 20 U.S. states, it could lead to the acquisition of $23 billion worth of Bitcoin (BTC).
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
