Bill Text: NY S07920 | 2023-2024 | General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2024-01-03 - REFERRED TO INTERNET AND TECHNOLOGY [S07920 Detail]

Download: New_York-2023-S07920-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7920

                    IN SENATE

                                     January 3, 2024
                                       ___________

        Introduced by Sens. PARKER, SEPULVEDA -- read twice and ordered printed,
          and  when  printed  to  be  committed to the Committee on Internet and
          Technology

        AN ACT to establish the digital currency task force

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  The department of financial services is hereby authorized
     2  to establish the New York state digital currency task force  to  provide
     3  the  governor  and  the  legislature  with  information on the potential
     4  effects of the widespread implementation of digital currencies on finan-
     5  cial markets in the state.
     6    § 2. The task force shall be comprised of:
     7    a. two 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;
    11    e. one member appointed by the minority leader of the assembly; and
    12    f. two members appointed by the superintendent of  the  department  of
    13  financial services.
    14    § 3. The task force shall:
    15    a. examine and evaluate digital currencies within the state;
    16    b.  identify the potential effects of the widespread implementation of
    17  digital currencies on financial markets;
    18    c. review the impact of the department's BitLicense program on the use
    19  of digital currencies; and
    20    d. make recommendations to further utilize digital  currencies  within
    21  the state.
    22    § 4. Such task force shall collaborate with state and city of New York
    23  agencies  including,  but not limited to, the department of taxation and
    24  finance and the department of finance of the city of New York.
    25    § 5. The department of financial services shall submit a report, on or
    26  before January 1, 2025, to the governor and the legislature of its find-
    27  ings, conclusions and recommendations, and  legislative  and  regulatory
    28  proposals deemed necessary to implement such recommendations.
    29    § 6. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02889-02-4