Clyde Vanel, an Assembly member for the 33rd District of the New York State Assembly and Chair of Subcommittee on Internet & New Technologies, in a recent Facebook post on Jan. 3rd 2019, announced that the state of New York will become the 1st US state ever to have a cryptocurrency task force.
As per Vanel’s post, the cryptocurrency task force will focus on studying ways to effectively regulate the cryptocurrency, as well as define and use it. Continuing further, in the post, the Assembly member said that last week on Friday, Dec. 21st, 2018, Governor Andrew Cuomo signed the bill titled “THE DIGITAL CURRENCY STUDY BILL, A8783B/S9013” into law.
The task force, whose members were appointed by the governor, Senate, and Assembly, comprises of technologists, consumers, institutional & small investors, blockchain entities and academics. The members of the task force will have to submit a detailed report on digital currency, cryptocurrency and blockchain technology by Dec. 15th, 2020.
Eventually, the task force members will be studying the impact, regulations have on the development of digital currencies and blockchain entities within the state of New York, along with the effects cryptocurrencies have on local taxes, and the transparency in cryptocurrency market space.
According to Julie Samuels, Executive Director of a Non-Profit Organization representing New York City tech companies, both cryptocurrencies, and blockchain technology will have a deep impact on finance and many other industries all over the world in years to come.
Commenting on the creation of crypto task force, Vanel said that, the state of New York is financially a leading state in the US. And now with the crypto task force, the state will also lead in proper fintech regulation. Adding further he said that the task force of experts will bring stability to the state, by protecting the rights of investors and consumers, as well as strike the balance between having a robust blockchain industry and cryptocurrency economic environment.