Cryptocurrency market update: Crypto task force announced by New York lawmaker

A New York State (NYS) Assemblyman is said to have announced the formation of the “initial” crypto task force. Clyde Vanel mentioned this in a Facebook post on January 3, 2019. He is the NYS assemblyman as well the head of Subcommittee on Internet and New Technologies.

The lawmaker went ahead to say that the state of New York is the first among the US states to come up with a crypto task force that has been given the power to explore and understand the regulation, utility and the description of virtual currency. He added that the bill, “The Digital Currency Study Bill” has already been signed into law by the governor of the state, Andrew Cuomo.

The decision to have a cryptocurrency task force in the state was decided upon in June 2017. The New York State Committee passed the bill for the task force. Some of the members of the committee include various technology experts, customers, investors, blockchain forms as well as academicians. The members were put to task after the appointment by the state governor in collaboration with the Senate and the Assembly and have been told to report their findings come December 15, 2020.

The report is expected to unearth how digital asset development is hindered by regulation. How digital assets affect the local tax receipts as well as transparency in the digital sphere and market. In regards to the formation of the task force Vanel said:

“New York leads the country in finance. We will also lead in proper fintech regulation. The task force of experts will help us strike the balance between having a robust blockchain industry and cryptocurrency economic environment while at the same time protecting New York investors and consumers.”