- New York Senator James Sanders proposed a bill to introduce a crypto task force.
- The crypto task force will investigate the digital currency landscape in the state.
The New York Senator is making rounds across the media with his recent bill proposal in the state. He has introduced The New York State Cryptocurrency and Blockchain Act recently, which also included establishing a crypto task force. Ever since Trump’s election as the President in Nov 2024, crypto regulation has become a priority in the US.
New York Senator James Sanders introduced a bill yesterday to investigate the crypto space in the state. It would establish a cryptocurrency task force that comprises 17 people. The main purpose behind the task force is to investigate the usage of cryptocurrencies and their ancillary systems.
New York Senator Plans to Study the Impact of Crypto
The newly proposed task force would review the current state of cryptocurrencies in the state. This is going to identify how many digital currencies are trading on the local crypto exchanges and the no. of exchange platforms in New York.
The crypto task force will also look into the environmental impact of digital currencies and their energy consumption. It will investigate how cryptocurrency is impacting the state and local tax receipts.
The task force members will be appointed in less than 90 days after the bill gets approval. And, investigation findings reports are expected to be delivered before December 15, 2027 to the New York governor and the legislature. Based on its findings, the task force will help in improving transparency and security, along with consumer protection in the crypto space.
Even though this is a positive sign towards the regulation of the crypto space, this is just the first step. The bill has to go through multiple steps to implement its goals. It would first pass through a floor debate and get voted in the assembly and senate.
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