The authorities of the state of new York announced the official launch of a special Commission for the study of cryptocurrencies and their underlying blockchain technology. This became known from the press release a member of the legislative Assembly of the state of Vanala Clyde (Clyde Vanel).
The Governor of the state of new York Andrew Cuomo (Andrew Cuomo) signed the law establishing the special Commission for the study of cryptocurrencies, and other types of digital currencies and blockchain technologies. The Commission will consist of technical experts, consumers, institutional and retail investors, representatives of different enterprises as well as the research workers. Assign each individual group member will be the Governor, members of the Senate and the state legislature. The first progress report from the Commission expect 15 December 2020.
It is expected that the report will contain recommendations for the regulation of cryptocurrencies, their definition and use. For recommendations members need to make a detailed market survey, to assess all components of the process of mining digital currencies, their trade, study how such transactions can affect the collection of taxes.
Recall that in new York there is already legislation regulating the cryptocurrency business. We are talking about a controversial set of rules Regulations, known for its strict requirements in relation to cryptocurrency exchanges. The corresponding license for trading with cryptocurrencies for the last four years in new York, received only 14 organizations.
In the act of the Commission, signed by the Governor, there is no clear indication of a change in Regulations, but Vanel, Chairman of the Subcommittee for the Internet and new technologies of the state legislature, said that after making recommendations the scope of the regulation might be different. He first proposed the creation of such a Commission at the end of 2017, submitting a bill.
“Experts of the special Commission will help us to strike a balance between the blockchain and cryptocurrency industry economy, while protecting investors and clients in new York,” said Vanel.
Another state Assemblyman ed RA (Ed Ra) also noted that the state must find the balance between consumer protection and the support of investors and entrepreneurs. In his opinion, the establishment of a Commission of experts and stakeholders is a good step forward.
Recall that this is not the first such initiative in the United States. Earlier, the House of representatives released a bill to create the working group for the analysis of cryptocurrencies, with emphasis on financial crimes in this area. Currently the bill is waiting for consideration by the U.S. Senate.
Autumn in Washington, D.C., a group of lobbyists cryptocurrency business, headed by the company Ripple. Lobbyists hope to influence the regulation of the industry, while the authorities have not fully explored the new technology.