The state of New York has been taking a very innovation-minded approach
to cryptocurrencies and blockchain technology. New York has previously announced that it wishes to be a leader in the blockchain
New York is now seeking to establish some cryptocurrency rules and
guidelines aimed to increase awareness and use of the new technology. To lead
this effort, the New York State Assembly proposed launching a cryptocurrency task force that would
investigate the technology and report back with specific information.
As specified by the document, the New York State Assembly expects
the task force to report back on the following:
1. review of the impact of the department of financial services’
regulations on the development of digital currency, cryptocurrency and
blockchain industries in New York state;
2. the number of digital currencies currently being traded and their
approximate percentage of market share;
3. the number of exchanges operating in New York state and their average
monthly trade volume;
4. the use of digital currencies’ impact on state and local tax
5. the types of investment entities that are large investors in digital
6. the energy consumption necessary for coin mining operations and other
policy considerations related thereto;
7. the transparency of the digital currency marketplace and the related
potential of market manipulation and other illegal activities;
8. a review of laws and regulations on digital currency used by other
states, the federal government, foreign countries, and foreign political and
economic unions to regulate the marketplace; and
9. 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 Assembly expects the task force to report back on their
findings on or before December 15th, 2019. It is likely that the
crypto and blockchain space will change significantly between now and December
2019, so it is impossible to know how encouraging the task forces’ report will
However, with the current growth of the space, it is likely that New
York will continue their positive approach to the industry. On the other hand,
it is doubtful that they will appreciate the answer to their environmental
impact question. Read about Bitcoin’s absurd geological footprint here.
The task force will be made up of 9 members appointed by various New
York governmental positions.
Click here for the original article from Altcoin Buzz.