ALBANY, N.Y.— A New York senator has introduced a bill to establish a crypto task force to examine the status of cryptocurrencies and other digital currencies in the city, Cointelegraph reported.
The New York State Cryptocurrency and Blockchain Study Act, introduced by state Senator James Sanders Jr., would establish a task force of 17 people to investigate “the effects of the widespread use of cryptocurrencies and other forms of digital currencies and their ancillary systems.”
As part of their investigation, the task force would review the state of crypto in New York, identify how many digital currencies are being traded, the number of exchanges in New York and how crypto affects the state and local tax receipts, according to the bill’s description on the New York State Senate website, Cointelegraph said.
The task force has also flagged investigating the environmental impact of crypto, energy consumption, and how New York’s current regulations compare to other jurisdictions as priorities.
If the bill is enacted, task force members will be appointed no later than 90 days after and will be expected to deliver a report on its findings before Dec. 15, 2027, to the New York governor and the legislature, Cointelegraph said.