Cryptocurrency News

US Gets its First Task Force on Cryptocurrency

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In a first of its kind, New York now has a special task force for the cryptocurrency industry as declared by a member of the assembly of the NYS or New York state legislature. This would be the state’s very first task force for analyzing cryptocurrency and its operation

In the social media post, Clyde Vanel, who is an assemblyman and holds an important position in the Subcommittee on New Technologies & Internet of the New York state legislature claimed that New York has become the first state in the United States of America to introduce a task force for cryptocurrency primarily aiming at studying, assessing and watching the use and regulation of digital currency. Andrew Cuomo who is the governor of the state signed the special bill named as “The Digital Currency Study Bill” which was legalized on late December, last year.

Last year, in June, the central committee of banks of the New York state legislature voted to introduce the bill meant to build a task force for the digital currency. The task force would comprise of members including investors, technologists, blockchain companies, consumers and academics. The governor would solely appoint the members.

The task force team will analyze the impacts of the various regulations introduced for the development of blockchain and various other digital currencies and its associated industries within the state boundaries. They would also study the effects of cryptocurrencies on domestic tax receipts and the authenticity and transparency of the marketplace of digital currency.

Julie Samuels, who is the executive director of Tech: NYC, a non-profit organization, standing on behalf of the New York City technology firms said that blockchain technology along with other cryptocurrencies would have a great impact on the economy and finance of a lot of industries across the world for many years to come. She reiterated on the point that currently, New York is the global financial hub. And in days to come, NY would also lead in various fintech regulations. The special units of a task force created would help in striking a proper balance between a blockchain industry which is robust in nature and efficient cryptocurrency environment while safeguarding the NY consumers and investors at the same time.

Similarly, some other states in the United States of America have introduced various legislation to build regulated public entities under the supervision of the government to analyze the potential impact of the crypto industries and blockchain on state finance. Earlier, last year in June, Dannel Malloy who is the governor of Connecticut signed a special bill which would create a blockchain group that would study the various crypto technologies. It would also set the duration by which the investigating bodies would be required to provide various reports on the potential usage of crypto-related technologies for antisocial and criminal activities.

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