Bill Text: NY S08136 | 2023-2024 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Establishes the New York state cryptocurrency and blockchain study task force to provide the governor and the legislature with information on the effects of the widespread use of cryptocurrencies and other forms of digital currencies and their ancillary systems, including but not limited to blockchain technology, in the state.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed) 2024-05-16 - referred to ways and means [S08136 Detail]

Download: New_York-2023-S08136-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8136

                    IN SENATE

                                     January 9, 2024
                                       ___________

        Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Banks

        AN ACT in relation to establishing the New York state cryptocurrency and
          blockchain study 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. Short title. This act shall be known and may  be  cited  as
     2  the "New York state cryptocurrency and blockchain study act".
     3    § 2. There is hereby established the New York state cryptocurrency and
     4  blockchain  study  task  force  (hereinafter  referred  to  as "the task
     5  force") to provide the governor and the legislature with information  on
     6  the effects of the widespread use of cryptocurrencies and other forms of
     7  digital currencies and their ancillary systems, including but not limit-
     8  ed to blockchain technology, in the state.
     9    § 3. 1. The task force shall consist of sixteen members as follows:
    10    a.  seven  members  appointed by the governor, which shall include the
    11  following five members:
    12    i. the superintendent of the department of financial services, or  his
    13  or her designee;
    14    ii.  the commissioner of the department of environmental conservation,
    15  or his or her designee;
    16    iii. a representative from the financial services industry;
    17    iv. a representative from a state or national  organization  promoting
    18  environmental conservation; and
    19    v.  a  representative who is a faculty member of an accredited college
    20  or university in New York state with experience in economic studies.
    21    b. the comptroller of the state of New York, or his or her designee.
    22    c. four members appointed by the temporary president  of  the  senate;
    23  and
    24    d. four members appointed by the speaker of the assembly.
    25    2.  To  the  extent  practicable,  members appointed to the task force
    26  shall have relevant experience  and  knowledge  concerning  the  digital
    27  currency, cryptocurrency and blockchain industries.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03808-04-4
        S. 8136                             2

     1    3.  The  members  of  the task force shall receive no compensation for
     2  their services, but shall be allowed their actual and necessary expenses
     3  incurred in the performance of their duties pursuant to this act.
     4    4.  Any  vacancies in the membership of the task force shall be filled
     5  in the same manner provided for in the initial appointment.
     6    5. The task force may consult with any organization, government  enti-
     7  ty,  or  person, in the development of its report required under section
     8  four of this act.
     9    6. The members of the task force shall  be  appointed  no  later  than
    10  ninety days after the effective date of this act.
    11    §  4.  On  or before December 15, 2026, the task force shall submit to
    12  the governor, the temporary president of the senate and the  speaker  of
    13  the  assembly  a  report  containing,  but not limited to, the following
    14  information based on available data:
    15    a. a review of the digital  currency,  cryptocurrency  and  blockchain
    16  industries in New York state;
    17    b.  the  number of digital currencies currently being traded and their
    18  approximate percentage of market share;
    19    c. the number of exchanges operating in New York state and their aver-
    20  age monthly trade volume;
    21    d. the use of digital  currencies'  impact  on  state  and  local  tax
    22  receipts;
    23    e.  the  types  of  investment  entities  that  are large investors in
    24  digital currency;
    25    f. the energy consumption necessary for  coin  mining  operations  and
    26  other policy considerations related thereto;
    27    g. the environmental impact of coin mining operations;
    28    h.  the  transparency  of  the  digital  currency  marketplace and the
    29  related potential of market manipulation and other illegal activities;
    30    i. a review of laws and regulations on digital currency used by  other
    31  states, the federal government, foreign countries, and foreign political
    32  and economic unions to regulate the marketplace; and
    33    j.  legislative  and  regulatory  recommendations, if any, to increase
    34  transparency and security, enhance consumer protections, and to  address
    35  the long-term impact related to the use of cryptocurrency.
    36    §  5. This act shall take effect immediately and shall expire December
    37  15, 2026 when upon such date the provisions of this act shall be  deemed
    38  repealed.