Is the New York State Launching a Crypto Task Force

The state of New York may be launching a cryptocurrency task force for better regulations and ultimately encourage widespread crypto adoption.

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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.

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