Bill > A08104

This bill establishes a task force to comprehensively study the potential designation of economic empowerment zones specifically for cryptocurrency mining in New York. The bill defines key technical terms like cryptocurrency (a digital currency using encryption techniques), mining (processing transactions on a blockchain), and blockchain (a digital ledger recording transactions), and clarifies that economic empowerment zones are areas designated under federal tax code. The task force, consisting of nine members appointed by various state leaders, will investigate several critical aspects including: the eligibility requirements for economic empowerment zones, potential workforce impacts, cybersecurity risks, infrastructure and economic environments that attract cryptocurrency mining, the potential role of utility companies, and other relevant factors. Task force members will serve without compensation but will be reimbursed for expenses, and all state agencies are required to provide necessary assistance. By one year after the act's effective date, the task force must submit a comprehensive report of its findings to the governor and state legislature, with the goal of understanding how New York might strategically approach cryptocurrency mining through targeted economic zone designations.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A8104