New York State Legislature to Create Nation’s First “Crypto Task Force”

New York State Legislature to Create Nation’s First “Crypto Task Force”

New York assemblyman and Chair of Subcommittee on Internet and New Technologies, Clyde Vanel, has announced the creation of a cryptocurrency task force. The task force will take an advisory role on regulations and will clarify the definitions regarding digital currencies.

New York will be the first state to have its own “crypto task force,” according to a Facebook announcement made by assemblyman Clyde Vanel. “The Digital Currency Study Bill” established the task force and was signed by governor Andrew Cuomo in late December, but was not formally announced until today.

“We Must Study the Impact of Blockchain”

The newly-created task force was brought forth in June of 2018 and passed, and then signed by governor Cuomo last month. The members of the team will include consumer advocates, technologists, investors, blockchain advisors and companies, and academics who will all be appointed by the governor.

The task force will have to conduct an investigation and author a report on the development of cryptocurrencies, blockchain-related companies within New York, current regulations, its effect on tax receipts, and the transparency of its marketplace. The task force will have to publish its entire investigation by December 2020.

It seems inevitable that the report will also touch on tokenized securities significantly. Sales of digital equity and tokenized securities are already in the works in New York, with projects like Atomic Capital and Realecoin both being based in New York state. We can also expect the vast real estate market of New York to also increasingly find its way into the tokenized security space, some of which has already taken root.

Therefore, it is to be expected that the newly-established crypto task force will have to address tokenized securities quite directly.

Assemblyman Vanel commented on the announcement writing on Facebook that:

“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.”

He also stressed that “cryptocurrencies and blockchain technology will, without a doubt, greatly impact finance and many other industries across the globe for years to come.”

What do you think of the newly-announced crypto task force? Can we expect a clear focus on tokenized securities in their report? Let us know in the comments below.

Image courtesy of Flickr.

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