Bill > A00213

This bill establishes a state-level task force to comprehensively study the potential development and implications of a state-issued cryptocurrency for New York. The task force will be composed of nine members appointed by various state officials, including the governor, senate president, assembly speaker, financial services superintendent, and information technology services director, with one of the governor's appointees serving as chairperson. The group will investigate critical aspects of a potential state cryptocurrency, including the procedural steps for creating such a digital currency, its potential impact on federal regulatory bodies like the Securities and Exchange Commission and Commodities Futures Trading Commission, implications for monetary policy and financial stability, potential tax consequences, and how other jurisdictions are approaching cryptocurrency development. Task force members will serve without compensation but will be reimbursed for their expenses, and state agencies are required to provide necessary assistance to support the study. The task force is mandated to produce a comprehensive report detailing their findings within one year of the bill's effective date, which will be submitted to the governor and state legislature. The bill defines cryptocurrency as a digital currency using encryption techniques to regulate and verify transactions, operating independently from central banks.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A213