Bill Text: NY S04593 | 2019-2020 | General Assembly | Introduced


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: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2019-03-15 - COMMITTEE DISCHARGED AND COMMITTED TO INTERNET AND TECHNOLOGY [S04593 Detail]

Download: New_York-2019-S04593-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          4593
                               2019-2020 Regular Sessions
                    IN SENATE
                                     March 15, 2019
                                       ___________
        Introduced by Sens. PARKER, SEPULVEDA -- read twice and ordered printed,
          and when printed to be committed 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, 2020, 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.
                                                                   LBD01270-02-9
feedback