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Task Force for Regulating Cryptocurrency in New York Now

Redwan Eid | Jan. 8, 2019
Task Force for Regulating Cryptocurrency in New York Now

January 08, 2019 | AtoZ Markets - The state of New York has recently announced creating a “cryptocurrency task force”, which comes after the governor of the state Andrew Cuomo has signed a digital currency study bill.

Assemblyman at the NYS Assembly, Clyde Vanel, said on his Facebook profile on January, 02, that creating a task force for digital currencies is a new step of its kind in the United States, which is meant to conduct a thorough study for regulating and using cryptocurrencies.

“The members of the task force, appointed by the Governor, Senate and Assembly, are to submit reports by December 15, 2020. The members will include stakeholders such as, technologists, consumers, institutional and small investors, large and small blockchain enterprises and academics. The group shall report on digital currency, cryptocurrency and blockchain technology.”, said the Vanel, who is also the chair of the subcommittee on internet and new technologies.

The task force body was first suggested the last year upon launching some exchanges

Vanel described some cryptocurrencies as “digital assets designed to work as a medium of exchange”, reflecting a positive stance from digital assets in general, and emphasizing that they are meant to be used for stronger cryptography to secure transactions.

As per media reports, the idea of a cryptocurrency task force in New York was first proposed in the middle of the last year, in follow up of an inquiry into exchanges soon after launching them by the Office of the Attorney General in the state.

“Even more interestingly, the technology that undergirds cryptocurrency, blockchain technology, can be used in countless applications in the public and private sectors to improve transparency and efficiency. In fact, our government should consider blockchain uses with elections, the recordation of vital records and real estate transactions; to name a few.

Surprisingly, cryptocurrency, blockchain technology, is still at its infancy stage. The document explaining blockchain technology, THE BITCOIN WHITEPAPER, was published on October 31, 2008, almost ten years ago.”, added the NYS Assembly member on his personal page.

It is worth mentioning that the end of the last year carried a volatile view for cryptos in the overall U.S atmosphere, where the Congress was reported to have considered modifying the cryptocurrency laws, in pursues of changing their definition as “securities”, as AtoZ Markets reported on December, 21st.

The step came after congressman Warren Davidson announced plans for regulating cryptocurrencies and initial coin offering (ICO), where he submitted a bill on December, 3rd, that suggests creating an “asset class” for cryptocurrencies and digital assets, for preventing them from being regarded as securities, “but would also allow the federal government to regulate initial coin offerings more effectively.”, as AtoZ Markets reported on December, 5th.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.