NY State Senate Bill 2021-S5042

Senate Bill S5042

2021-2022 Legislative Session

Establishes a task force to study the impact of a state-issued cryptocurrency on the state of New York

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Archive: Last Bill Status - In Senate Committee Finance Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 05, 2022	referred to finance
Feb 22, 2021	referred to finance

co-Sponsors

2021-S5042 (ACTIVE) - Details

See Assembly Version of this Bill:: A3860
Current Committee:: Senate Finance
Law Section:: Commissions
Versions Introduced in Other Legislative Sessions:: 2017-2018: S7725, A9685
2019-2020: S2506, S3465, S4562, A1427
2023-2024: S6134, A2599

2021-S5042 (ACTIVE) - Summary

Establishes a task force to study the impact of a state-issued cryptocurrency on the state of New York.

2021-S5042 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S5042

SPONSOR: PARKER
 
TITLE OF BILL:

An act to establish a task force to study the impact of a state-issued
cryptocurrency on the state of New York

 
PURPOSE OR GENERAL IDEA OF BILL:

Establishes a task force to study the issuance of a state-issued crypto-
currency in to raise revenue New York State. (NYcoin)

 
SUMMARY OF PROVISIONS:

Section one establishes a task force to study the impact of cryptocur-
rencies, defines cryptocurrency and delineates the study parameters.

Section two establishes that the task force will be comprised of ten
members, appointed by the governor, temporary president of the senate,
speaker of the assembly superintendent of the department of financial

services and the director of the office of information technology
services.

Section three sets the effective date,

 
JUSTIFICATION:

It is important for our state to review, explore and propose different
forms of revenue raising, in place of taxes. The new technologies allows
New York new opportunities in dynamic revenue sources. The possibility
of raising capital through cryptocurrency and the ability to create a
tokenized security for infrastructure projects, state programs, or other
state related projects is possible.

This bill creates a taskforce to study the possibility of creating a
state-issued cryptocurrency in New York State to fund certain infras-
tructure projects or other state efforts.

 
PRIOR LEGISLATIVE HISTORY:

2019-20: S4562 - Referred to Finance 2017-18: S7725 - Referred to
Finance

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

To Be Determined.

 
EFFECTIVE DATE:
Effective immediately.

2021-S5042 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5042
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 22, 2021
                                ___________
 
 Introduced by Sens. PARKER, SEPULVEDA -- read twice and ordered printed,
   and when printed to be committed to the Committee on Finance
 
 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

 S. 5042                             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.

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Senate Bill S5042

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Sponsored By

Kevin S. Parker