Bill Text: NY S01891 | 2023-2024 | General Assembly | Introduced
Bill Title: Establishes the New York state cryptocurrency and blockchain study task force to provide the governor and the legislature with information on the effects of the widespread use of cryptocurrencies and other forms of digital currencies and their ancillary systems, including but not limited to blockchain technology, in the state.
Spectrum: Partisan Bill (Democrat 10-0)
Status: (Vetoed) 2023-11-17 - VETOED MEMO.71 [S01891 Detail]
Download: New_York-2023-S01891-Introduced.html
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. LBD03808-01-3S. 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.
