New York to form its ‘First’ Crypto Task Force

Clyde Vanel, a New York state assemblyman, announced via a Facebook post on Jan.3, that the state will be forming up a ‘first’ ever cryptocurrency task force.

Last month, NYS Governor Andrew Cuomo signed a law titled “THE DIGITAL CURRENCY STUDY BILL,” A8783B/S9013. With the signing of this bill, New York is now the first US state to have a crypto task force, helping them learn the uses and regulations of cryptocurrency.

The task force members are to be appointed the Governor, Senate, and Assembly, which are to submit their reports by December 15, 2020. The team will consist of stakeholders that include, technologists, consumers, institutional and small investors, large and small blockchain enterprises and academics.

The team comprised will study the impact of regulations on development of cryptocurrencies and blockchain industries within the NY state.

The task force will also be working on providing the number of cryptocurrencies and exchanges operating in the state, details about the investors, also the energy consumed for mining currencies.

New York also has its own regulations that govern the cryptocurrency business, BitLicense. Since Bitlicense’s implementation four years ago, only 14 licenses have been acknowledged.

New York is now the first US state to have a crypto task force helping them learn the uses and regulations of cryptocurrency.

While the new law does not suggest changing or renewing the license, the Facebook post revealed that there had been a significant impact on the crypto space, since the regulation was imposed. Vanel’s decision to set up the task force was first proposed in June 2017, but things didn’t catch up that fast.

Vanel also added how New York state is setting up an example for other US states, by saying :

“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.”

Meanwhile, another NYS Assemblyman Ed Ra said:

“New York must properly balance consumer protection with creating an environment ripe for investment and innovation in New York State. Convening experts and stakeholders is a good step forward, and I thank Assemblyman Vanel for this leadership on this issue.”

The crypto-enthusiasts believe that in the coming years, cryptocurrency and blockchain technology will create a massive impact on finance and other industries. With a state like New York developing the first of its kind crypto task force, it sends a clear message to the world, that it is a state widely recognized for innovation.