New York Digital Currency Task Force
In 2019, Governor of the state of New York Andrew Cuomo signed a bill officially creating the first U.S. state-sponsored digital asset task force. The bill said that the purpose of the task force is to "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 task force consists of three members appointed by the governor, two members appointed by the temporary president of the state senate, two members appointed by the speaker of the state assembly, one member appointed by the minority leader of the state senate, and one member appointed by the minority leader of the state assembly. According to the official statement announcing the formation of the task force, members of the task force will not be compensated for their services, but "are allowed their actual and necessary expenses incurred in the performance of their duties" to be reimbursed. The task force is expected to deliver a report to the New York state senate by December 15, 2020. The report will include a review of the blockchain industries in New York, the number of cryptocurrencies currently being traded and their market share, the number of crypto exchanges operating in New York state and their average monthly trade volume, the types of investment firms that are large investors of cryptocurrencies, the energy consumption of crypto mining operations, the potential market manipulation and other illegal activities in the crypto industry, and legislative and regulatory recommendations for the state senate.
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