S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6134
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              March 30, 2023
                                ___________
 
 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.
                                                            LBD06212-01-3
              

 S. 6134                             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.