The New York State Assembly has proposed the creation and launch of a cryptocurrency task force that is tasked to examine both the crypto and blockchain industries in the New York state.
The task force shall comprise of 9 people and if this proposal were to be approved, the crypto task force will be expected to deliver a report of all their findings by December of next year.
Included in their report will be the following:
- Volume of cryptocurrencies being traded and corresponding percentage of market share.
- Cryptocurrency exchange operations in the state and their average trading volume per month.
- The impact of crypto use on state and local tax receipts.
- Large crypto investors.
- Energy requirements of cryptocurrency mining.
- Crypto marketplace transparency and the possibilities of price manipulation.
- Cryptocurrency laws in other states, the federal government, and other countries.
- Ways to enhance market transparency and increase consumer protection.
- Addressing the long-term impact of the tech.