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
________________________________________________________________________
9013
IN SENATE
June 13, 2018
___________
Introduced by Sen. PHILLIPS -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules
AN ACT to establish the digital currency 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. The legislature hereby establishes the New York state
2 digital currency task force (referred to hereinafter as the "task
3 force") to provide the governor and the legislature with information on
4 the effects of the widespread use of cryptocurrencies and other forms of
5 digital currencies and their ancillary systems in the state.
6 § 2. 1. The task force shall consist of nine members as follows:
7 a. three 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; and
11 e. one member appointed by the minority leader of the assembly.
12 2. The members of the task force shall receive no compensation for
13 their services, but shall be allowed their actual and necessary expenses
14 incurred in the performance of their duties pursuant to this act.
15 3. Any vacancies in the membership of the task force shall be filled
16 in the same manner provided for in the initial appointment.
17 4. The task force may consult with any organization, government enti-
18 ty, or person, in the development of its report required under section
19 three of this act.
20 § 3. On or before December 15, 2020, the task force shall submit to
21 the governor, the temporary president of the senate and the speaker of
22 the assembly a report containing, but not limited to, the following
23 information based on available data:
24 a. a review of the digital currency, cryptocurrency and blockchain
25 industries in New York state;
26 b. the number of digital currencies currently being traded and their
27 approximate percentage of market share;
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13663-07-8
S. 9013 2
1 c. the number of exchanges operating in New York state and their aver-
2 age monthly trade volume;
3 d. the use of digital currencies' impact on state and local tax
4 receipts;
5 e. the types of investment entities that are large investors in
6 digital currency;
7 f. the energy consumption necessary for coin mining operations and
8 other policy considerations related thereto;
9 g. the transparency of the digital currency marketplace and the
10 related potential of market manipulation and other illegal activities;
11 h. a review of laws and regulations on digital currency used by other
12 states, the federal government, foreign countries, and foreign political
13 and economic unions to regulate the marketplace; and
14 i. legislative and regulatory recommendations, if any, to increase
15 transparency and security, enhance consumer protections, and to address
16 the long term impact related to the use of cryptocurrency.
17 § 4. This act shall take effect immediately and shall expire December
18 15, 2020 when upon such date the provisions of this act shall be deemed
19 repealed.
