New York becomes the first U.S. state to create a crypto task force

Governor Andrew Cuomo signed a bill last month to establish a "digital currency task force" for the state of New York, according to a statement from Assembly Member Clyde Vanel. Vandel added that “New York leads the country in finance. We will also lead in proper fintech regulation. The task force of experts will help us strike the balance between having a robust blockchain industry and cryptocurrency economic environment while at the same time protecting New York investors and consumers.”

The task force will be made of nine members including technologists, consumers, enterprises, and investors. According to the bill, it will 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 in the state." The task force's first task is to submit a report on or before December 15, 2020, including, but not limited to, the following information:

  • A review of the blockchain industries in New York
  • The number of cryptocurrencies currently being traded and their market share
  • The number of crypto exchanges operating in New York state and their average monthly trade volume
  • The types of investment firms that are large investors of cryptocurrencies
  • The energy consumption of crypto mining operations
  • The potential market manipulation and other illegal activities in the crypto industry
  • Legislative and regulatory recommendations

About Author

Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi

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