The New York State senator, James Sanders Jr. (Dn.y.), presented a bill on Wednesday which aims to establish a working group in crypto, while the state re -evaluates its regulatory position in the middle changes in federal policy affecting industry.
The bill, now under examination by a senatorial committee, would oblige experts to deliver their conclusions on the impact of the crypto on the revenues of the States and the environment towards the end of 2027.
Depending on the transparency of crypto on state tax revenue, environmental impact and market transparency Bill’s text.
The working group would include representatives of the Department of Financial Services, Environment Conservation Groups and University Economy Experts. The members would serve without compensation but would receive reimbursements for spending.
The members would be appointed within 90 days of the date of entry into force of the bill, the conclusions which should shed light on the future cryptography policy in a city that Sanders characterizes “undoubtedly the financial capital of the world”.
The working group would examine New York’s position between 20 other American states that continue to Consider the crypto investment legislation. These efforts could lead to a demand of $ 23 billion in Bitcoin, according to the research manager on Vaneck’s digital assets Matthew Sigel.
New York applies some of the most difficult cryptographic regulations in the United States, largely because of its Bitlidense framework, implemented in 2015.
The Department of State Financial Services (NYDFS) regulates cryptographic companies, forcing them to secure a license or a trust charter for limited use.
These requirements have made New York a difficult market for many cryptographic companies, which has encouraged some to completely bypass the state.
New York is “in competition with London, Tokyo, Shanghai and Hong Kong for financial investments” and its “position as a tax chief,” Sanders said in a statement.
Missed opportunities
Sanders also quotes “the impact of blockchain technology on innovation, jobs, economic growth, energy consumption and environmental problems” as a reason to study it, adding that it should “complete the Bit applying with the correct legislative framework “.
New York “in the running for financial transactions and future activity,” added Sanders, saying how “almost all global markets and states” consider the same.
This is not the first time that New York has envisaged crypto and how it could help strengthen the city’s position, with two other similar initiatives that go back to 2019.
From this year, the State promulgated legislation to establish the working group on cryptocurrency and blockchain of New York State, signed by the governor of the time, Andrew Cuomo.
“Despite its creation, the working group has never been summoned and its objectives have remained dissatisfied,” said Jason Brett, founder and president of Washington, DC, Research and Advocacy Decipher.
By 2023, the State has revised a similar initiative, adopting a bill which sought to restore the working group. However, at the time, Governor Kathy Hochul opposed his opinion opposite to the bill.
Brett, who previously worked as Director of Operations at the Digital Chamber of Commerce and was also director of policies at Connsys between 2017 and 2018, believes that the initiative would not succeed.
People observing how the third attempt in New York for such a bill advances “should understand that the current governor has already opposed his veto once before in 2023”, and ask “why it is so difficult to study From this emerging technology a priority, “said Brett Decipher.
This has led to other proposals to create various working groups and commissions with “concerns concerning non -budgetary expenses totaling $ 35 million,” said Brett.
Notice of non-responsibility: Consensys is one of 22 investors in an independent editorial decryptation.
Edited by Sebastian Sinclair
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