Bill > S03985

This bill establishes a task force to comprehensively study the potential development of a state-issued cryptocurrency in New York. The task force will consist of nine members appointed by various state leaders, including two each from the governor's office, the senate, the assembly, and the department of financial services, plus one from the office of information technology services. The task force's primary objectives include investigating the steps required to produce a state cryptocurrency, analyzing its potential impacts on federal regulatory bodies like the Securities and Exchange Commission and Commodities Futures Trading Commission, examining implications for monetary policy and financial stability, exploring taxation consequences, and researching cryptocurrency initiatives in other jurisdictions. The group will be chaired by a gubernatorial appointee and will serve without compensation, though members can be reimbursed for expenses. Within one year of the act's effective date, the task force is required to submit a detailed report of its findings to the governor and state legislature. State agencies are mandated to provide necessary assistance and data to support the task force's work. The bill defines cryptocurrency as a digital currency using encryption techniques to regulate generation and fund transfers, operating independently from central banks.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S3985