Bill Text: NY A08783 | 2017-2018 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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: Moderate Partisan Bill (Democrat 22-4)
Status: (Passed) 2018-12-21 - approval memo.14 [A08783 Detail]
Download: New_York-2017-A08783-Introduced.html
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: Moderate Partisan Bill (Democrat 22-4)
Status: (Passed) 2018-12-21 - approval memo.14 [A08783 Detail]
Download: New_York-2017-A08783-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 8783 2017-2018 Regular Sessions IN ASSEMBLY November 27, 2017 ___________ Introduced by M. of A. VANEL -- read once and referred to the Committee on Banks 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, 2019, 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. LBD13663-02-7