Bill Text: NY S07725 | 2017-2018 | General Assembly | Introduced

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Bill Title: Establishes a task force to study the impact of a state-issued cryptocurrency on the state of New York.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2018-02-13 - REFERRED TO FINANCE [S07725 Detail]

Download: New_York-2017-S07725-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          7725
                    IN SENATE
                                    February 13, 2018
                                       ___________
        Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
          printed to be committed to the Committee on Finance
        AN ACT to establish a task force to study the impact of  a  state-issued
          cryptocurrency on the state of New York
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. a. A task force is hereby established to study  the  impact
     2  of  a state-issued cryptocurrency on the state of New York. For purposes
     3  of this act, "cryptocurrency" shall mean a  digital  currency  in  which
     4  encryption  techniques  are used to regulate the generation of units and
     5  currency and verify the transfer of funds, operating independently  from
     6  a central bank.
     7    b. The task force shall study:
     8    (i) the necessary steps the state of New York must take to produce and
     9  release  a  state-issued  cryptocurrency  and  how  such will affect the
    10  United States Securities and Exchange Commission's and  the  Commodities
    11  Futures Trading Commission's jurisdiction over economic transactions;
    12    (ii) the implications of issuing such cryptocurrency on monetary poli-
    13  cy and financial stability;
    14    (iii)  how  local,  state,  and  federal taxation would be affected by
    15  such; and
    16    (iv) the measures other jurisdictions,  central  banks,  international
    17  governing  bodies, states, or countries, have taken to potentially issue
    18  cryptocurrency.
    19    c. No later than one year after the effective date of  this  act,  the
    20  task  force  shall  report its findings to the governor and the legisla-
    21  ture, as described under subdivision b of this section.
    22    § 2. a. The task force shall be comprised of:
    23    (i) two members appointed by the governor;
    24    (ii) two members appointed by the temporary president of the senate;
    25    (iii) two members appointed by the speaker of the assembly;
    26    (iv) two members appointed by the superintendent of the department  of
    27  financial services; and
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14594-01-8
        S. 7725                             2
     1    (v)  one member appointed by the director of the office of information
     2  technology services.
     3    b.  One of the appointments by the governor shall serve as chairperson
     4  of the task force.
     5    c. The members of the task force shall  receive  no  compensation  for
     6  their services, but shall be allowed their actual and necessary expenses
     7  incurred in the performance of their services.
     8    d.  All  departments,  divisions,  bureaus,  commissions, districts or
     9  agencies of the state or any political subdivisions  thereof  shall,  at
    10  the request of the chairperson, provide the task force with such facili-
    11  ties, assistance and data as will enable the task force to carry out its
    12  powers and duties.
    13    § 3. This act shall take effect immediately.