The state of New York has announced the launch of a crypto taskforce which will be tasked with educating the state on crypto-currencies and their underlying blockchain technology.
According to a press release by the bill’s sponsor, Assemblyman Clyde Vanel, Governor Andrew Cuomo signed a bill in December to create the task force which will study crypto-currency as well as other forms of digital currency and Blockchain technology.
The task force will be composed of technologists, consumers, institutional and retail investors, representatives of enterprises and academics; the members will be appointed the Governor. The panelists will have until December 15th, 2020, to submit their reports.
These reports are expected to detail proposals on how best the state may regulate, define, and utilize cryptos as well as other details such as the cost of mining, how cryptos are being traded in the state, and how these trades will affect tax collection.
New York is already known for developing its own landmark crypto regulation in the form of its controversial Bit License, with the state only handing out 14 licenses since the regulation was introduced 4 years ago. While the new law signed by the governor does not affect the regulation from 4 years ago in any way, Vanel’s press release noted that the crypto space has changed rapidly since the first regulation was enacted.
According to Vanel, who represents the western Bronx as chair of the assembly’s subcommittee on the Internet and New technologies;
“The task force of experts will help us strike the balance between having a robust blockchain industry and crypto-currency economic environment while at the same time protecting New York investors and consumers.”
Vanel first proposed the task force back in 2017 and introduced the bill in December of that year along with a host of other measures aimed at boosting the state’s understanding on crypto-currencies. Lawmakers around the country have admitted the need to first understand crypto’s in order to effectively regulate them, with the US House of Representatives passing a bill that will see the formation of a similar task force in order to aid in Crypto education
