Bill Text: NY A08783 | 2017-2018 | General Assembly | Amended

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-Amended.html

                STATE OF NEW YORK
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    November 27, 2017
        Introduced  by  M.  of  A.  VANEL, KIM, LENTOL, WOERNER, SIMON, LUPARDO,
          SKOUFIS,  PICHARDO, BLAKE, RIVERA, NIOU -- Multi-Sponsored by -- M. of
          A. ABINANTI, DE LA ROSA, DenDEKKER, GIGLIO -- read once  and  referred
          to  the Committee on Banks -- recommitted to the Committee on Banks in
          accordance with Assembly Rule 3, sec. 2 -- committee discharged,  bill
          amended,  ordered reprinted as amended and recommitted to said commit-
        AN ACT to establish the digital currency 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. The legislature  hereby  establishes  the  New  York  state
     2  digital  currency  task  force  (referred  to  hereinafter  as the "task
     3  force") to provide the governor and the legislature with information  on
     4  the effects of the widespread use of cryptocurrencies and other forms of
     5  digital currencies and their ancillary systems in the state.
     6    § 2. 1. The task force shall consist of nine members as follows:
     7    a. three 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; and
    11    e. one member appointed by the minority leader of the assembly.
    12    2.  The  members  of  the task force shall receive no compensation for
    13  their services, but shall be allowed their actual and necessary expenses
    14  incurred in the performance of their duties pursuant to this act.
    15    3. Any vacancies in the membership of the task force shall  be  filled
    16  in the same manner provided for in the initial appointment.
    17    4.  The task force may consult with any organization, government enti-
    18  ty, or person, in the development of its report required  under  section
    19  three of this act.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        A. 8783--A                          2
     1    §  3.  On  or before December 15, 2019, the task force shall submit to
     2  the governor, the temporary president of the senate and the  speaker  of
     3  the  assembly  a  report  containing,  but not limited to, the following
     4  information based on available data:
     5    a.  a  review  of  the impact of the department of financial services'
     6  regulations on the development of digital currency,  cryptocurrency  and
     7  blockchain industries in New York state;
     8    b.  the  number of digital currencies currently being traded and their
     9  approximate percentage of market share;
    10    c. the number of exchanges operating in New York state and their aver-
    11  age monthly trade volume;
    12    d. the use of digital  currencies'  impact  on  state  and  local  tax
    13  receipts;
    14    e.  the  types  of  investment  entities  that  are large investors in
    15  digital currency;
    16    f. the energy consumption necessary for  coin  mining  operations  and
    17  other policy considerations related thereto;
    18    g.  the  transparency  of  the  digital  currency  marketplace and the
    19  related potential of market manipulation and other illegal activities;
    20    h. a review of laws and regulations on digital currency used by  other
    21  states, the federal government, foreign countries, and foreign political
    22  and economic unions to regulate the marketplace; and
    23    i.  legislative  and  regulatory  recommendations, if any, to increase
    24  transparency and security, enhance consumer protections, and to  address
    25  the long term impact related to the use of cryptocurrency.
    26    §  4. This act shall take effect immediately and shall expire December
    27  15, 2019 when upon such date the provisions of this act shall be  deemed
    28  repealed.