tl;dr
New York state Sen. James Sanders Jr. has introduced a bill to establish a crypto task force, aiming to assess crypto's impact on state revenue and the environment by the end of 2027. The proposed 17-member panel would investigate crypto's effects on state tax revenue, environmental impact, and mark...
New York State Sen. James Sanders Jr. (D-N.Y.) has introduced a bill to establish a crypto task force, aiming to assess crypto's impact on state revenue and the environment by the end of 2027. The proposed 17-member panel would investigate crypto's effects on state tax revenue, environmental impact, and market transparency. It would include representatives from the Department of Financial Services, environmental conservation groups, and academic experts in economics. The task force members would serve without compensation but receive expense reimbursements.
The bill aims to inform future crypto policy in New York, a city competing for financial investments. This initiative follows previous attempts to establish a similar task force, with the past efforts remaining unfulfilled.
The bill, now under review by a Senate committee, would require experts to deliver their findings on crypto’s impact on state revenue and the environment toward the end of 2027. Members would be appointed within 90 days of the bill's effective date, with findings expected to inform future crypto policy in a city that Sanders characterizes as "arguably the financial capital of the world."
New York enforces some of the toughest crypto regulations in the U.S., largely due to its BitLicense framework, implemented in 2015. The state's Department of Financial Services (NYDFS) regulates crypto businesses, requiring them to secure a BitLicense or a limited-purpose trust charter to operate. Those requirements have made New York a difficult market for many crypto firms, prompting some to bypass the state entirely.
New York is "vying for future financial transactions and activity," Sanders added, claiming how "almost every global market and state" is considering the same. This is not the first time New York has looked into crypto and how it could help bolster the city's standing, with two other similar initiatives stretching back to 2019.