New York lawmaker Clyde Vanel is calling for the state of New York to create a task force specifically dedicated to the study of “the impact of a state-issued cryptocurrency on the state of New York.” Vanel has previously submitted blockchain-related bills last November. One measure is calling for officials of the state elections to study how blockchain technology can be used for state and local ballots.
One of the major areas of inquiry in the February 2 bill filed by Vanel is the regulatory implications of the study, specially as it involves the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission. The study also aimed to discover the effects of cryptocurrency on financial stability and monetary policy, and how taxation in the local, state, and federal level would be impacted.
Other than Vanel’s efforts to bring cryptocurrency to the fore of the government’s attention, public records also show that the legislature of New York will be discussing cryptocurrencies and the BitLicense regulatory framework of the state. A February 23 public meeting will be held by Senators David Carlucci and Jesse Hamilton in order to discuss topics such as “the logistics and organization of cryptocurrency…its regulation through the BitLicense in the state of New York, other states and on a federal level…and the current marketplace in which it thrives and becomes problematic for consumers.”
Vanel has stated that a careful and cautious review of cryptocurrencies are necessary as their prevalence will cause market changes and even disrupt industries. He explained, “Cryptocurrency is disrupting industries and changing markets. But what is interesting is that these currencies are also being used by the average citizen. Penetration of its use is becoming more and more prevalent. As an assembly member that sits on the Banking committee and an owner of denominations of Bitcoin, Etherum and Litecoin, we must properly and carefully review crypto currency.”