senate Bill S7725

2017-2018 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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Sponsored By

Archive: Last Bill Status - In Senate Committee Finance Committee

  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 13, 2018 referred to finance


S7725 (ACTIVE) - Details

See Assembly Version of this Bill:
Current Committee:
Senate Finance
Law Section:
Versions Introduced in 2019-2020 Legislative Session:
S2506, S3465, S4562, A1427

S7725 (ACTIVE) - Summary

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

S7725 (ACTIVE) - Sponsor Memo

S7725 (ACTIVE) - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K


                            I N  S E N A T E

                            February 13, 2018

Introduced  by  Sen.  PARKER -- 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


  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
  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;
  (iv) two members appointed by the superintendent of the department  of
financial services; and

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.


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