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New bill calls for study of state-issued cryptocurrency in New York

A New York lawmaker has proposed a new bill that calls for the creation of a task force to “study the impact of a state-issued cryptocurrency on the state of New York.”

Lawmaker Clyde Vanel has submitted the bill on February 02. According to the bill text, the task force would focus on:

“(i) the necessary steps the state of New York must take to produce and release a state-issued cryptocurrency and how such will affect the United States Securities and Exchange Commission's and the Commodities Futures Trading Commission's jurisdiction over economic transactions;

(ii) the implications of issuing such cryptocurrency on monetary policy and financial stability;

(iii) how local, state, and federal taxation would be affected by such; and

(iv) the measures other jurisdictions, central banks, international governing bodies, states, or countries, have taken to potentially issue cryptocurrency.”


CoinDesk reported that the New York legislature would be discussing cryptocurrencies and the state’s BitLicense regulatory framework at a hearing scheduled later this month. According to a notice, Senators David Carlucci and Jesse Hamilton will hold a public meeting “to gain insight on the logistics and organization of cryptocurrency; its regulation through the BitLicense in the state of New York, other states and on a federal level; and the current marketplace in which it thrives and becomes problematic for consumers.”

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