New York State Announces Its Cryptocurrency Task Force, Becomes the First In the Country
New York State (NYS) legislature assemblyman Clyde Vanel made an official announcement on Thursday, January 3rd stating the the state is all prepared to get the ‘first’ cryptocurrency task force in the United States.
Vanel, who also chairs the Subcommittee on Internet and New Technologies said that the newly formed task force will study the use of digital currencies and the regulations surrounding it. On December 21, 2018, NYS governor Andrew Cuomo signed the bill named “The Digital Currency Study Bill” passing it as an official law.
Assemblyman Clyde Vanel writes: “The members of the task force, appointed by the Governor, Senate and Assembly, are to submit reports by December 15, 2020. The members will include stakeholders such as, technologists, consumers, institutional and small investors, large and small blockchain enterprises and academics. The group shall report on digital currency, cryptocurrency and blockchain technology.”
He further added that “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.”
New York has been leading other U.S. since long when it comes to introducing regulatory measures and protect its investors. After multiple instances of Bitcoin exchange hacks, the New York State’s Department of Financial Services unveiled the BitLicense three years back in 2015 to protect its investors from crypto frauds.
Since then, any crypto firm operating in New York has to undergo the mandatory requirements to obtain the BitLicense. Clyde Vanel wrote: "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.”
Another New York State Assemblyman Ed Ra applauded Vanel for taking leadership in this matter. 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.”
Following New York’s strong stand on crypto regulations, other states in the country are working on legislations aimed at forming a robust task force while protecting their local investors.