Bill Text: NY A01427 | 2019-2020 | General Assembly | Introduced

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Bill Title: Establishes a task force to study the impact of a state-issued cryptocurrency on the state of New York.

Spectrum: Strong Partisan Bill (Democrat 10-1)

Status: (Introduced - Dead) 2020-01-08 - referred to governmental operations [A01427 Detail]

Download: New_York-2019-A01427-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          1427
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 15, 2019
                                       ___________
        Introduced by M. of A. VANEL, ORTIZ, JEAN-PIERRE, CAHILL, BLAKE, WRIGHT,
          RAIA, SEAWRIGHT, MOSLEY, HUNTER -- Multi-Sponsored by -- M. of A. COOK
          -- read once and referred to the Committee on Governmental Operations
        AN  ACT  to establish a task force to study the impact of a state-issued
          cryptocurrency on the state of New York
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  a. A task force is hereby established to study the impact
     2  of a state-issued cryptocurrency on the state of New York. For  purposes
     3  of  this  act,  "cryptocurrency"  shall mean a digital currency in which
     4  encryption techniques are used to regulate the generation of  units  and
     5  currency  and verify the transfer of funds, operating independently from
     6  a central bank.
     7    b. The task force shall study:
     8    (i) the necessary steps the state of New York must take to produce and
     9  release a state-issued cryptocurrency  and  how  such  will  affect  the
    10  United  States  Securities and Exchange Commission's and the Commodities
    11  Futures Trading Commission's jurisdiction over economic transactions;
    12    (ii) the implications of issuing such cryptocurrency on monetary poli-
    13  cy and financial stability;
    14    (iii) how local, state, and federal  taxation  would  be  affected  by
    15  such; and
    16    (iv)  the  measures  other jurisdictions, central banks, international
    17  governing bodies, states, or countries, have taken to potentially  issue
    18  cryptocurrency.
    19    c.  No  later  than one year after the effective date of this act, the
    20  task force shall report its findings to the governor  and  the  legisla-
    21  ture, as described under subdivision b of this section.
    22    § 2. a. The task force shall be comprised of:
    23    (i) two members appointed by the governor;
    24    (ii) two members appointed by the temporary president of the senate;
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01283-01-9
        A. 1427                             2
     1    (iii) two members appointed by the speaker of the assembly;
     2    (iv)  two members appointed by the superintendent of the department of
     3  financial services; and
     4    (v) one member appointed by the director of the office of  information
     5  technology services.
     6    b.  One of the appointments by the governor shall serve as chairperson
     7  of the task force.
     8    c. The members of the task force shall  receive  no  compensation  for
     9  their services, but shall be allowed their actual and necessary expenses
    10  incurred in the performance of their services.
    11    d.  All  departments,  divisions,  bureaus,  commissions, districts or
    12  agencies of the state or any political subdivisions  thereof  shall,  at
    13  the request of the chairperson, provide the task force with such facili-
    14  ties, assistance and data as will enable the task force to carry out its
    15  powers and duties.
    16    § 3. This act shall take effect immediately.