New York bill establishes crypto task force in regulatory pivot

New York state Senator James Sanders Junior introduced a bill that would establish a cryptocurrency task force.

The new bill — introduced in the New York senate on Wednesday — establishes ad state crypto and blockchain task force. The objective of the group would be to study those systems and teheir role:

“Establishes the New York state cryptocurrency and blockchain study task force to 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, including but not limited to blockchain technology, in the state.”

The new bill is currently still under review by the New York state Senate committee and would require experts to deliver their findings on the impact of cryptocurrencies on both state revenue and the environment at the end of 2027. The task force would be comprised of representatives from environmental conservation groups, the Department of Financial Services and academic economics experts. Members of the group would not be paid for their work, but their expenses would be reimbursed.

If the bill is approved, task force members will be appointed within 90 days of its effective date. Findings would be expected to influence future cryptocurrency policy in New York, the city that Sanders claims is “arguably the financial capital of the world.”

The news follows a favorable shift in the crypto regulatory climate in the United States following the inauguration of current President Donald Trump. The new president has gone as far as to promise to create a strategic Bitcoin reserve funded by re-evaluating the Federal Reserve’s gold holdings.

As recently reported, Federal Reserve Chair Jerome Powell also recently emphasized that banks can serve crypto customers and advocates for stronger regulatory frameworks. He said:

“We’re not against innovation, and we certainly don’t want to take actions that would cause banks to terminate customers who are perfectly legal just because of excess risk aversion, maybe related to regulation and supervision.”

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