Cryptocurrency Task Force may be sent for Analysis: New York Assembly 11626
Shrestha Purohit
Jun 5, 2018 at 11:01 AM

A crypto task force may be sent for investigation by New York Assembly to get the current state of global cryptocurrency and blockchain utility and legislation.

The state of New York has taken a very innovation-minded approach to cryptocurrencies and blockchain technology. The organization has announced earlier that it wishes to be a leader in the blockchain space.

The assembly of New York wants to income cryptocurrency rules and guidelines for the users to bring awareness for using new technology. To make it work the New York State Assembly has launched a cryptocurrency task force that would investigate the technology and will conduct a detailed survey and will report back with correct facts and figures.A specific document is released by The New York Assembly task force to report back on the following.

A document has been released for the task forces to report back on following points. Cryptocurrency Task force department should submit the report by 15 December 2019, to the governor, who is temporary president of Senate and the speaker of the assembly. The report should not limit to following database, according to the document:

  1. Review of the impact of the department of financial services’ regulations on the development of digital currency, cryptocurrency and blockchain industries in New York State.
  2. The number of digital currencies presently being listed and their approximate proportion of market share.
  3. Report on the number of exchange happening in New York and their average trade per month.
  4. Impact of cryptocurrency on state and local tax receipts.
  5. Different types of departments who are investing in cryptocurrency.
  6. The energy consumption necessary for coin mining operations and other policy considerations related thereto;
  7. The transparency of the digital currency marketplace and the related potential of market manipulation and other illegal activities.
  8. A review of laws and regulations on digital currency used by other states, the federal government, foreign countries, and foreign political and economic unions to regulate the marketplace.
  9. Legislative and regulatory recommendations, if any, to increase transparency and security, enhance consumer protections, and to address the long-term impact related to the use of cryptocurrency.

According to New York Assembly experts, Cryptocurrency Task Force will investigate on the matter and will report back to Assembly by 15th December 2019. The crypto and blockchain space will be different from now after the investigation. At this point, we cannot say how encouraging the task forces’ report will be.

However, we cannot say that New York State Assembly will continue its optimistic approach to cryptocurrency and blockchain utility and legislation.

Image via Shutterstock

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