New York Lawmaker Proposes Study of State-Backed Cryptocurrency

Senators David Carlucci and Jesse Hamilton, according to a notice, are put to hold a public meeting on Feb. 23 with subjects such as “the logistics and business of cryptocurrency. . .its regulation through the BitLicense from the state of New York, other states and on a federal level. . .and the current marketplace where it succeeds and becomes problematic for consumers.”
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The bill has been filed by lawmaker Clyde Vanel, who in late November filed four statements related to cryptocurrencies and blockchain. One of those, as mentioned at the time, was one step that called for state elections officials to explore uses of this technologies for the purposes of state and local ballots.

Released at Mon, 05 Feb 2018 07:01:45 +0000
Public documents indicate that New York’s legislature is also poised to explore the topic of cryptocurrencies — as well as the nation’s BitLicense regulatory frame — at a hearing later this month.

The step, dated Feb. 2, involves the creation of a task force dedicated to studying “the effects of some state-issued cryptocurrency on the state of New York.”

A New York lawmaker who previously filed several bills associated with blockchain has filed new laws that involves studying the creation of a state-backed cryptocurrency.

It’s not clear at press time that is appearing before the committee.

One of the key areas of inquiry would be the regulatory implications of the project, pointing to the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission in particular. The task force, if approved, could also study “the implications of such cryptocurrency on financial policy and fiscal stability… [and]  the way local, state, and federal taxation could be affected by such.”