Creates the digital currency task force to provide the governor and the legislature with information on the potential effects of the widespread implementation of digital currencies on financial markets in the state.
STATE OF NEW YORK
________________________________________________________________________
3801
2025-2026 Regular Sessions
IN SENATE
January 30, 2025
___________
Introduced by Sens. PARKER, SEPULVEDA -- read twice and ordered printed,
and when printed to be committed to the Committee on Internet and
Technology
AN ACT to establish the digital currency task force
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The department of financial services is hereby authorized
2 to establish the New York state digital currency task force to provide
3 the governor and the legislature with information on the potential
4 effects of the widespread implementation of digital currencies on finan-
5 cial markets in the state.
6 § 2. The task force shall be comprised of:
7 a. two members appointed by the governor;
8 b. two members appointed by the temporary president of the senate;
9 c. two members appointed by the speaker of the assembly;
10 d. one member appointed by the minority leader of the senate;
11 e. one member appointed by the minority leader of the assembly; and
12 f. two members appointed by the superintendent of the department of
13 financial services.
14 § 3. The task force shall:
15 a. examine and evaluate digital currencies within the state;
16 b. identify the potential effects of the widespread implementation of
17 digital currencies on financial markets;
18 c. review the impact of the department's BitLicense program on the use
19 of digital currencies; and
20 d. make recommendations to further utilize digital currencies within
21 the state.
22 § 4. Such task force shall collaborate with state and city of New York
23 agencies including, but not limited to, the department of taxation and
24 finance and the department of finance of the city of New York.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07640-01-5
S. 3801 2
1 § 5. The department of financial services shall submit a report, on or
2 before January 1, 2027, to the governor and the legislature of its find-
3 ings, conclusions and recommendations, and legislative and regulatory
4 proposals deemed necessary to implement such recommendations.
5 § 6. This act shall take effect immediately.
