New York is introducing a crypto task force

03 Jan, 2019 | Updated: 03 Jan, 2019
by Will Heasman
New York is introducing a crypto task force

A New York state assemblyman has announced the creation of a crypto task force, asserting that his state is “the first in the nation” to do so.

The announcement came from a post on Facebook in which Clyde Vandel – the assemblyman in question, and the Chair of Subcommittee on Internet and New Technologies - explained the intricacies of the task force, describing exactly what it hopes to achieve.

According to Vandel the task force will study how to “regulate, define and use cryptocurrency”.

The Bill dubbed THE DIGITAL CURRENCY STUDY BILL, A8783B/S9013 requires reports on the aforementioned areas of study to be submitted by December 15, 2020.

According to the post members of the task force will include, stakeholders such as technologists, consumers, institutional and small investors, large and small blockchain enterprises and academics. 

Vandal described how he envisions his state taking the lead in regulation of cryptocurrencies: 

“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.”

Julie Samuels, Executive Director of Tech NYC a not for profit organization, also spoke of the emerging task force and its importance for the future of finance:

“Cryptocurrencies and blockchain technology will, without a doubt, greatly impact finance and many other industries across the globe for years to come. New York’s cryptocurrency task force – the first of its kind in the nation – shows how our state is leading the way in studying and understanding these technologies to ensure they can thrive in a responsible and effective way, further solidifying New York’s position as a global hub for smart innovation.”

While New York State may stake a claim in taking the lead on cryptocurrencies, back in September 2018 California was among the first states in the US to create a blockchain working group, exploring potential uses of the technology within the government and private sector.

Read more: This bill looks to revitalize state government via blockchainNY assembly may set up 'digital currency task force'

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