Bill Text: NY S09013 | 2017-2018 | General Assembly | Introduced

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Bill Title: Creates the digital currency task force to provide the governor and the legislature with information on the potential effects of the widespread implementation of digital currencies on financial markets in the state.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-06-19 - SUBSTITUTED BY A8783B [S09013 Detail]

Download: New_York-2017-S09013-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          9013
                    IN SENATE
                                      June 13, 2018
                                       ___________
        Introduced  by Sen. PHILLIPS -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
        AN ACT to establish the digital currency task force; and  providing  for
          the repeal of such provisions upon expiration thereof
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The legislature  hereby  establishes  the  New  York  state
     2  digital  currency  task  force  (referred  to  hereinafter  as the "task
     3  force") to provide the governor and the legislature with information  on
     4  the effects of the widespread use of cryptocurrencies and other forms of
     5  digital currencies and their ancillary systems in the state.
     6    § 2. 1. The task force shall consist of nine members as follows:
     7    a. three members appointed by the governor;
     8    b. two members appointed by the temporary president of the senate;
     9    c. two members appointed by the speaker of the assembly;
    10    d. one member appointed by the minority leader of the senate; and
    11    e. one member appointed by the minority leader of the assembly.
    12    2.  The  members  of  the task force shall receive no compensation for
    13  their services, but shall be allowed their actual and necessary expenses
    14  incurred in the performance of their duties pursuant to this act.
    15    3. Any vacancies in the membership of the task force shall  be  filled
    16  in the same manner provided for in the initial appointment.
    17    4.  The task force may consult with any organization, government enti-
    18  ty, or person, in the development of its report required  under  section
    19  three of this act.
    20    §  3.  On  or before December 15, 2020, the task force shall submit to
    21  the governor, the temporary president of the senate and the  speaker  of
    22  the  assembly  a  report  containing,  but not limited to, the following
    23  information based on available data:
    24    a. a review of the digital  currency,  cryptocurrency  and  blockchain
    25  industries in New York state;
    26    b.  the  number of digital currencies currently being traded and their
    27  approximate percentage of market share;
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13663-07-8
        S. 9013                             2
     1    c. the number of exchanges operating in New York state and their aver-
     2  age monthly trade volume;
     3    d.  the  use  of  digital  currencies'  impact  on state and local tax
     4  receipts;
     5    e. the types of  investment  entities  that  are  large  investors  in
     6  digital currency;
     7    f.  the  energy  consumption  necessary for coin mining operations and
     8  other policy considerations related thereto;
     9    g. the transparency  of  the  digital  currency  marketplace  and  the
    10  related potential of market manipulation and other illegal activities;
    11    h.  a review of laws and regulations on digital currency used by other
    12  states, the federal government, foreign countries, and foreign political
    13  and economic unions to regulate the marketplace; and
    14    i. legislative and regulatory recommendations,  if  any,  to  increase
    15  transparency  and security, enhance consumer protections, and to address
    16  the long term impact related to the use of cryptocurrency.
    17    § 4. This act shall take effect immediately and shall expire  December
    18  15,  2020 when upon such date the provisions of this act shall be deemed
    19  repealed.