| 1 | 1 | | <STYLE><!--U {color: Green}S {color: RED} I {color: DARKBLUE; background-color:yellow} P.brk {page-break-before:always}--></STYLE> <BASEFONT SIZE=3> <PRE WIDTH="94"> <FONT SIZE=5><B> STATE OF NEW YORK</B></FONT> ________________________________________________________________________ 3279--A 2025-2026 Regular Sessions <FONT SIZE=5><B> IN ASSEMBLY</B></FONT> January 27, 2025 ___________ Introduced by M. of A. VANEL, BURDICK, SAYEGH -- read once and referred to the Committee on Banks -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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 <B><U>The People of the State of New York, represented in Senate and Assem-</U></B> <B><U>bly, do enact as follows:</U></B> 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") within the department of financial services to provide the 6 governor and the legislature with information on the effects of the 7 widespread use of cryptocurrencies and other forms of digital currencies 8 and their ancillary systems, including but not limited to blockchain 9 technology, in the state. 10 § 3. 1. The task force shall consist of sixteen members as follows: 11 a. six members appointed by the governor, which shall include the 12 following: 13 i. the superintendent of the department of financial services, or such 14 superintendent's designee; 15 ii. the commissioner of the department of environmental conservation, 16 or such commissioner's designee; 17 iii. the commissioner of taxation and finance or such commissioner's 18 designee; 19 iv. a representative from the financial services industry; 20 v. a representative from a state or national organization promoting 21 environmental conservation; and 22 vi. a representative who is a faculty member of an accredited college 23 or university in New York state with experience in economic studies. EXPLANATION--Matter in <B><U>italics</U></B> (underscored) is new; matter in brackets [<B><S> </S></B>] is old law to be omitted. LBD06929-02-5 </PRE><P CLASS="brk"><PRE WIDTH="94"> A. 3279--A 2 1 b. the comptroller of the state of New York, or the comptroller's 2 designee; 3 c. four members appointed by the temporary president of the senate, 4 two of which are representatives from two separate cryptocurrency trade 5 groups, organizations, or companies; 6 d. four members appointed by the speaker of the assembly, two of which 7 are representatives from two separate cryptocurrency trade groups, 8 organizations, or companies; and 9 e. the attorney general of the state of New York, or the attorney 10 general's designee. 11 2. To the extent practicable, members appointed to the task force 12 shall have relevant experience and knowledge concerning the digital 13 currency, cryptocurrency and blockchain industries. 14 3. The members of the task force shall receive no compensation for 15 their services, but shall be allowed their actual and necessary expenses 16 incurred in the performance of their duties pursuant to this act. 17 4. Any vacancies in the membership of the task force shall be filled 18 in the same manner provided for in the initial appointment. 19 5. The task force may consult with any organization, government enti- 20 ty, or person, in the development of its report required under section 21 four of this act. 22 6. The members of the task force shall be appointed no later than 23 ninety days after the effective date of this act. 24 § 4. On or before December 15, 2027, the task force shall submit to 25 the governor, the temporary president of the senate and the speaker of 26 the assembly a report containing, but not limited to, the following 27 information based on available data: 28 a. a review of the digital currency, cryptocurrency and blockchain 29 industries in New York state; 30 b. the number of digital currencies currently being traded and their 31 approximate percentage of market share; 32 c. the number of exchanges operating in New York state and their aver- 33 age monthly trade volume; 34 d. the use of digital currencies' impact on state and local tax 35 receipts; 36 e. the types of investment entities that are large investors in 37 digital currency; 38 f. the energy consumption necessary for coin mining operations and 39 other policy considerations related thereto; 40 g. the environmental impact of coin mining operations; 41 h. the transparency of the digital currency marketplace and the 42 related potential of market manipulation and other illegal activities; 43 i. a review of laws and regulations on digital currency used by other 44 states, the federal government, foreign countries, and foreign political 45 and economic unions to regulate the marketplace; and 46 j. legislative and regulatory recommendations, if any, to increase 47 transparency and security, enhance consumer protections, and to address 48 the long-term impact related to the use of cryptocurrency. 49 § 5. This act shall take effect immediately and shall expire December 50 15, 2027 when upon such date the provisions of this act shall be deemed 51 repealed. |
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