New York Launching a New Crypto Task Force to Better Understand Cryptocurrencies is a Big Deal

New York State has decided to form a new task force that will be providing insights about virtual currencies and blockchain technology. The main purpose of this task force is to better understand how cryptocurrencies work, how it is possible to use them and how to leverage blockchain technology.

The decision has been taken by Governor Andrew Cuomo that signed a bill creating the task force. The information was released in a press release a few days ago. Assemblyman Clyde Vanel is the individual sponsoring this bill.

This task force will include technologists, consumers and large and small investors. There will also be some academics, enterprises and other individuals from different sectors. This panel is going to be working analysing the crypto space and presenting a report on December 15, 2020.

The report can help the state regulate, define or use virtual currencies. It will also provide information about how to better regulate the space. The report is also going to discuss points such as tax collection and many other aspects.

New York has already established the so-called BitLicense that has only been given only to 14 companies in the crypto space. The new proposal does not propose any modification to the current BitLicense and laws. However, Vanel’s recommendation shows that the crypto industry has substantially changed since the regulation was implemented.

On the mater, he said:

“The task force experts will help us strike the balance between having a robust blockchain industry and cryptocurrency economic environment while at the same time protecting New York investors and consumers.”

The task force was proposed by Vanel back at the end of 2017 when the virtual currency market was reaching new all-time highs. Bitcoin (BTC) was traded at that time close to $20,000. With the new proposal, the intention is to balance consumer protection and encourage innovation.

Regulatory agencies all around the world are starting to take different measures to control the cryptocurrency market and avoid the spread of scams and fraudulent actors. The U.S. Securities and Exchange Commission (SEC) has been taking several measures to protect users that are investing in Initial Coin Offerings (ICOs). The SEC has already announced enforcement actions against different ICOs in the space.

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