New York Digital Currency Task Force

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New York Digital Currency Task Force
Seal of new york.jpg
Founded 2019
Headquarters New York, New York
Key People Andrew Cuomo, Governor of New York; Clyde Vanel, Assemblyman, New York State Assembly; Joseph Lubin, Task Force member; Sandra Ro, Task Force member; Yaya Funusie, Task Force member; York Rhodes, Task Force member; Ryan Zagone, Task Force member; Aaron Wright, Task force member

The New York Digital Currency Task Force was created by New York Governor Andrew Cuomo in 2019. Its goals are to advise the state of New York's legislators on how digital asset and distributed ledger technology, including blockchain, works, so they know how best to regulate it.[1]

History

In 2019, the 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."[2]

In July 2019, the New York State legislature selected the first six representatives to serve on the task force, including Joseph Lubin, Sandra Ro, Yaya Funusie, York Rhodes, Ryan Zagone, and Aaron Wright.[3][4]

Purpose

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.[5][6]

Key People

  • Andrew Cuomo - Governor of New York
  • Clyde Vanel - Assemblyman, New York State Assembly, sponsor of the bill that created the task force
  • Joseph Lubin - Task Force member, founder of ConsenSys
  • Sandra Ro - Task Force member, CEO of the Global Blockchain Business Council
  • Yaya Funusie - Task Force member, adjunct fellow at the Foundation for Defense of Democracies
  • York Rhodes - Task Force member, co-founder of Blockchain @ Microsoft
  • Ryan Zagone - Task Force member, director of regulatory relations at Ripple
  • Aaron Wright - Task Force member, professor of law at Cardozo School of Law

References

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