A representative of the New York state (NYS) general assembly declared in a Facebook post on January. 3 that the state can have the nation’s “first” cryptocurrency task force.

In the post, Clyde Vanel, an NYS representative and Chair of subcommittee on internet and New Technologies, stated that New York became the primary state within the united states (U.S.) to make a cryptocurrency task force geared toward studying the regulation, use, and definition of digital currency. In Dec. 21, 2018, the governor Andrew Cuomo signed the bill dubbed “The Digital Currency Study Bill” into law.

Back in June 2018, the banks committee of the NYS general assembly voted to progress the bill to make a digital currency task force. The members of the task force — together with technologists, consumers, investors, blockchain firms and academics — appointed by the governor, Senate, and Assembly can reportedly need to submit relevant reports by Dec. 15, 2020.

The report will study the impact of laws on the development of digital currencies and blockchain industries in the state, the utilization of cryptocurrencies’ effect on local tax receipts, and therefore the transparency of the digital currency marketplace.

Commenting on the initiative, Julie Samuels, executive director of a nonprofit organization representing New York town tech firms, Tech:NYC, said that “cryptocurrencies and blockchain technology can, without a doubt, greatly impact finance and many other industries across the world for years to come.” Vanel stated:

“New York leads the country in finance. We’ll additionally lead in proper fintech regulation. The task force of experts can facilitate us strike the balance between having a strong blockchain industry and cryptocurrency economic environment whereas at the identical time protecting New York investors and customers.”

Other states within the U.S. have introduced legislation to make government bodies to review the potential impact of the blockchain and crypto industries on state commerce. In June, Connecticut governor Dannel Malloy signed SB 443 into law, that established a blockchain working group to review the technology. The law conjointly established time-frames for investigating and providing reports on the potential use of crypto in criminal activities.

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