Crypto commission to appear in New York state

Posted 03 January, 2019

 

The New York State is said to become the first state in the country that will have the special crypto commission.

Clyde Vanel, an assemblyman of the state, said in its statement that the bill called "The Digital Currency Study Bill" was signed by the state's governor Andrew Cuomo back in late December 2018.

The new working group will deal with the issues of the regulation, application and definition of the cryptos as a currency.

 

"The legislature hereby establishes the New York state digital currency task force (referred to hereinafter as the "task force") to provide the governor and the legislature with information on the effects of the widespread use of cryptocurrencies and other forms of digital currencies and their ancillary systems in the state," the bill document reads.

According to the available information, the new body will consist of 9 representatives from different areas – "technologists, consumers, investors, blockchain companies and academics". It will be formed the governor, Senate, and Assembly. The new task force is said to report about related issues by December 15 2020.

Among the issues that may be studied, it should be mentioned the state of the blockchain area in New York State, crypto trading platforms in the state, investment companies dealing with cryptos as well as price manipulations and illegal activities in the market.

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