New York State Assembly

Bill No.:  

 
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A00213 Summary:

BILL NO	A00213
SAME AS	SAME AS S03985
SPONSOR	Vanel
COSPNSR
MLTSPNSR
Establishes a task force to study the impact of a state-issued cryptocurrency on the state of New York.

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A00213 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
 submitted in accordance with Assembly Rule III, Sec 1(f)



 
BILL NUMBER: A213
 
SPONSOR: Vanel

 
TITLE OF BILL:
 
An act to establish a task force to study the impact of a state-issued
cryptocurrency on the state of New York
 
 
PURPOSE OR GENERAL IDEA OF BILL:
 
Establishes a task force to study the issuance of a state-issued crypto-
currency in to raise revenue New York State.
 
 
SUMMARY OF PROVISIONS:
 
Section 1 establishes a study of the impact of a state-issued cryptocur-
rency
 
Section 2 states who the task force shall be comprised of Section 3
states the act will take effect immediately
 
 
JUSTIFICATION:
 
It is important for our state to review, explore and propose different
forms of revenue raising, in place of taxes. The new technologies allows
New York new opportunities in dynamic revenue sources. The possibility
of raising capital through cryptocurrency and the ability to create a
tokenized security for infrastructure projects, state programs, or other
state related projects is possible. This bill creates a taskforce to
study the possibility of creating a state-issued cryptocurrency in New
York State to fund certain infrastructure projects or other state
efforts.
 
 
PRIOR LEGISLATIVE HISTORY:
 
01/28/21 referred to governmental operations
 
01/05/22 referred to governmental operations
 
01/26/2023 referred to governmental operations
 
01/03/2024 referred to governmental operations
 
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
 
To be determined
 
 
EFFECTIVE DATE:
Effective immediately

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