New York Senator James Sanders Jr. has introduced a bill to create a task force to study the impact of cryptocurrencies and digital currencies in the city.
Bill Proposal
The New York State Cryptocurrency and Blockchain Study Act proposes the formation of a 17-member team to investigate the widespread use of cryptocurrencies and their ancillary systems.
Task Force Objectives
The task force will review the state's cryptocurrency usage, determine how many digital currencies are traded, the number of exchanges, and assess the impact on tax receipts. Also, they will explore the environmental impact and compare current regulations with other jurisdictions. A report of their findings is expected by December 15, 2027.
Response to the Bill
The bill needs to survive debates and votes before being signed into law. New York's BitLicense program has faced criticism for being too restrictive, which could influence perceptions of the new bill.
The establishment of such a task force could enhance understanding and regulation of the crypto industry in New York, and its impact on the economy and environment.
