A bill in New York proposes creating a task force to assess cryptocurrency regulation, economic and environmental aspects.
Proposed Task Force Formation
The proposed legislation, known as The New York State Cryptocurrency and Blockchain Act, calls for a 17-member task force to examine the role of digital assets in the state. The main focus will be on how digital assets are used and their position within New York's financial and tech sector.
Evaluation of Financial and Environmental Aspects
The task force will conduct a thorough review of digital currency trading and assess the number of cryptocurrencies operating on local exchanges and cryptocurrency exchange platforms. It will also analyze the environmental impact of cryptocurrency activities, focusing on energy consumption.
Legislative Process and Reporting
The bill requires the task force to be established within 90 days after approval. The final report detailing findings and recommendations is expected to be delivered to the governor and legislature by December 15, 2027. The document must pass several legislative stages, including debates and voting in the state assembly and senate.
The task force will be an important step in understanding and regulating cryptocurrency in New York, helping to enhance transparency and consumer protection.
