Clyde Vanel, a New York State assemblyman and owner of TrademarkReady.com announces through a Facebook post that the state will soon be the first U.S. state to have a cryptocurrency task force. The task force will be studying the regulation, use and definition of cryptocurrency.
The assemblyman said that governor Andrew Cuomo has signed “The Digital Currency Study bill” on December 21, 2018 making it officially a state law.
The task force whose member were appointed by the Governor, Senate and Assembly are required to submit their reports by December 15, 2020. The members of the task force were not named yet but they will be composed of various stakeholders including technologists, consumers, institutional and small investors, large and small blockchain enterprises and academics. The task force covers study on digital currency, cryptocurrency and blockchain.
Some reactions from the private sector include that of Julie Samules, Executive Director of Tech group of New York City who said:
“Cryptocurrencies and blockchain technology will, without a doubt, greatly impact finance and many other industries across the globe for years to come. New York’s cryptocurrency task force – the first of its kind in the nation – shows how our state is leading the way in studying and understanding these technologies to ensure they can thrive in a responsible and effective way, further solidifying New York’s position as a global hub for smart innovation.”
Rik Willard of Agentic Group said:
“It’s incredibly important to do Ari Ghosh blockchain applications from crypto currencies. There’s a new form of value being created that demands a new taxonomy… and new thinking about finance and value in general.”
Assemblyman Vanel also said that cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Ripple are not only designed to work as a medium of exchange that uses strong cryptography to secure transactions. Cryptocurrency is more than just an asset that stores value but also a means of exchange for goods and services. It is also used for contracts and transactions as well as utility tokens.
“New York leads the country in finance. We will also lead in proper fintech regulation. The task force of experts will help us strike the balance between having a robust blockchain industry and cryptocurrency economic environment while at the same time protecting New York investors and consumers.” said Vanel.