S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3860
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 28, 2021
                                ___________
 
 Introduced  by M. of A. VANEL -- read once and referred to the Committee
   on Governmental Operations
 
 AN ACT to establish a task force to study the impact of  a  state-issued
   cryptocurrency on the state of New York
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. a. A task force is hereby established to study  the  impact
 of  a state-issued cryptocurrency on the state of New York. For purposes
 of this act, "cryptocurrency" shall mean a  digital  currency  in  which
 encryption  techniques  are used to regulate the generation of units and
 currency and verify the transfer of funds, operating independently  from
 a central bank.
   b. The task force shall study:
   (i) the necessary steps the state of New York must take to produce and
 release  a  state-issued  cryptocurrency  and  how  such will affect the
 United States Securities and Exchange Commission's and  the  Commodities
 Futures Trading Commission's jurisdiction over economic transactions;
   (ii) the implications of issuing such cryptocurrency on monetary poli-
 cy and financial stability;
   (iii)  how  local,  state,  and  federal taxation would be affected by
 such; and
   (iv) the measures other jurisdictions,  central  banks,  international
 governing  bodies, states, or countries, have taken to potentially issue
 cryptocurrency.
   c. No later than one year after the effective date of  this  act,  the
 task  force  shall  report its findings to the governor and the legisla-
 ture, as described under subdivision b of this section.
   § 2. a. The task force shall be comprised of:
   (i) two members appointed by the governor;
   (ii) two members appointed by the temporary president of the senate;
   (iii) two members appointed by the speaker of the assembly;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD03072-01-1

 A. 3860                             2
 
   (iv) two members appointed by the superintendent of the department  of
 financial services; and
   (v)  one member appointed by the director of the office of information
 technology services.
   b. One of the appointments by the governor shall serve as  chairperson
 of the task force.
   c.  The  members  of  the task force shall receive no compensation for
 their services, but shall be allowed their actual and necessary expenses
 incurred in the performance of their services.
   d. All departments,  divisions,  bureaus,  commissions,  districts  or
 agencies  of  the  state or any political subdivisions thereof shall, at
 the request of the chairperson, provide the task force with such facili-
 ties, assistance and data as will enable the task force to carry out its
 powers and duties.
   § 3. This act shall take effect immediately.