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S01891 Summary:

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S01891 Committee Votes:

S01891 Floor Votes:

S01891 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          1891
 
                               2023-2024 Regular Sessions
 
                    IN SENATE
 
                                    January 17, 2023
                                       ___________
 
        Introduced  by  Sens.  SANDERS,  ADDABBO, COMRIE, COONEY, HARCKHAM, MAY,
          MYRIE, SEPULVEDA -- read twice and ordered printed, and  when  printed
          to be committed to the Committee on Banks
 
        AN ACT in relation to establishing the New York state cryptocurrency and
          blockchain  study  task  force;  and  providing for the repeal of such
          provisions upon expiration thereof
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Short  title. This act shall be known and may be cited as
     2  the "New York state cryptocurrency and blockchain study act".
     3    § 2. There is hereby established the New York state cryptocurrency and
     4  blockchain study task  force  (hereinafter  referred  to  as  "the  task
     5  force")  to provide the governor and the legislature with information on
     6  the effects of the widespread use of cryptocurrencies and other forms of
     7  digital currencies and their ancillary systems, including but not limit-
     8  ed to blockchain technology, in the state.
     9    § 3. 1. The task force shall consist of sixteen members as follows:
    10    a. seven members appointed by the governor, which  shall  include  the
    11  following five members:
    12    i.  the superintendent of the department of financial services, or his
    13  or her designee;
    14    ii. the commissioner of the department of environmental  conservation,
    15  or his or her designee;
    16    iii. a representative from the financial services industry;
    17    iv.  a  representative from a state or national organization promoting
    18  environmental conservation; and
    19    v. a representative who is a faculty member of an  accredited  college
    20  or university in New York state with experience in economic studies.
    21    b. the comptroller of the State of New York, or his or her designee.
    22    c.  four  members  appointed by the temporary president of the senate;
    23  and
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03808-01-3
        S. 1891                             2
 
     1    d. four members appointed by the speaker of the assembly.
     2    2.  To  the  extent  practicable,  members appointed to the task force
     3  shall have relevant experience  and  knowledge  concerning  the  digital
     4  currency, cryptocurrency and blockchain industries.
     5    3.  The  members  of  the task force shall receive no compensation for
     6  their services, but shall be allowed their actual and necessary expenses
     7  incurred in the performance of their duties pursuant to this act.
     8    4. Any vacancies in the membership of the task force shall  be  filled
     9  in the same manner provided for in the initial appointment.
    10    5.  The task force may consult with any organization, government enti-
    11  ty, or person, in the development of its report required under section 4
    12  of this act.
    13    6. The members of the task force shall  be  appointed  no  later  than
    14  ninety days after the effective date of this act.
    15    §  4.  On  or before December 15, 2025, the task force shall submit to
    16  the governor, the temporary president of the senate and the  speaker  of
    17  the  assembly  a  report  containing,  but not limited to, the following
    18  information based on available data:
    19    a. a review of the digital  currency,  cryptocurrency  and  blockchain
    20  industries in New York state;
    21    b.  the  number of digital currencies currently being traded and their
    22  approximate percentage of market share;
    23    c. the number of exchanges operating in New York state and their aver-
    24  age monthly trade volume;
    25    d. the use of digital  currencies'  impact  on  state  and  local  tax
    26  receipts;
    27    e.  the  types  of  investment  entities  that  are large investors in
    28  digital currency;
    29    f. the energy consumption necessary for  coin  mining  operations  and
    30  other policy considerations related thereto;
    31    g. the environmental impact of coin mining operations;
    32    h.  the  transparency  of  the  digital  currency  marketplace and the
    33  related potential of market manipulation and other illegal activities;
    34    i. a review of laws and regulations on digital currency used by  other
    35  states, the federal government, foreign countries, and foreign political
    36  and economic unions to regulate the marketplace; and
    37    j.  legislative  and  regulatory  recommendations, if any, to increase
    38  transparency and security, enhance consumer protections, and to  address
    39  the long-term impact related to the use of cryptocurrency.
    40    §  5. This act shall take effect immediately and shall expire December
    41  15, 2025 when upon such date the provisions of this act shall be  deemed
    42  repealed.