The New York state legislature last month voted to advance a bill that seeks to create a digital currency task force, CoinTelegraph reported.
The legislature’s banks committee voted on the bill. The task force will investigate “the potential effects of the widespread implementation of digital currencies on financial markets in the state.”
According to the bill text, the task force is required to submit a report by December 15, 2019 on the impact of the department of financial services' regulations on the development of cryptocurrency and blockchain industries in the state, the number of digital currencies being traded and their market share, the number of exchanges operating in the state and their average monthly volume.
The report will also focus on the impact of digital currencies on tax receipts, energy consumption for mining activities and related policy considerations, transparency in the cryptocurrency marketplace and the potential of market manipulation. The task force will also look into the laws and regulations on cryptocurrencies in other states and foreign countries and make
“Legislative and regulatory recommendations, if any, to increase transparency and security, enhance consumer protections, and to address the long term impact related to the use of cryptocurrency.”
The New York Department of Financial Services (NYDFS) published the final BitLicense rules in June 2015 for virtual currency business activity in the state. The rules contain key consumer protection, anti-money laundering compliance, and cyber security rules tailored for digital currency companies.
