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

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
                                                                    R. R. 50
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    November 27, 2017
        Introduced  by  M.  of  A.  VANEL, KIM, LENTOL, WOERNER, SIMON, LUPARDO,
          sored 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 committee -- reported and referred to the  Commit-
          tee  on  Ways  and  Means -- reported and referred to the Committee on
          Rules -- ordered to a third reading, passed by Assembly and  delivered
          to  the  Senate,  recalled  from  the  Senate, vote reconsidered, bill
          amended, ordered reprinted, retaining its place on the  special  order
          of third reading
        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.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        A. 8783--B                          2
     1    3.  Any  vacancies in the membership of the task force shall be filled
     2  in the same manner provided for in the initial appointment.
     3    4.  The task force may consult with any organization, government enti-
     4  ty, or person, in the development of its report required  under  section
     5  three of this act.
     6    §  3.  On  or before December 15, 2020, the task force shall submit to
     7  the governor, the temporary president of the senate and the  speaker  of
     8  the  assembly  a  report  containing,  but not limited to, the following
     9  information based on available data:
    10    a. a review of the digital  currency,  cryptocurrency  and  blockchain
    11  industries in New York state;
    12    b.  the  number of digital currencies currently being traded and their
    13  approximate percentage of market share;
    14    c. the number of exchanges operating in New York state and their aver-
    15  age monthly trade volume;
    16    d. the use of digital  currencies'  impact  on  state  and  local  tax
    17  receipts;
    18    e.  the  types  of  investment  entities  that  are large investors in
    19  digital currency;
    20    f. the energy consumption necessary for  coin  mining  operations  and
    21  other policy considerations related thereto;
    22    g.  the  transparency  of  the  digital  currency  marketplace and the
    23  related potential of market manipulation and other illegal activities;
    24    h. a review of laws and regulations on digital currency used by  other
    25  states, the federal government, foreign countries, and foreign political
    26  and economic unions to regulate the marketplace; and
    27    i.  legislative  and  regulatory  recommendations, if any, to increase
    28  transparency and security, enhance consumer protections, and to  address
    29  the long term impact related to the use of cryptocurrency.
    30    §  4. This act shall take effect immediately and shall expire December
    31  15, 2020 when upon such date the provisions of this act shall be  deemed
    32  repealed.