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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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Archive: Last Bill Status - In Senate Committee Finance Committee

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2017-S7725 (ACTIVE) - Details

See Assembly Version of this Bill:
A9685
Current Committee:
Senate Finance
Law Section:
Commissions
Versions Introduced in Other Legislative Sessions:
2019-2020: S2506, S3465, S4562, A1427
2021-2022: S5042, A3860
2023-2024: S6134, A2599
2025-2026: S3985, A213

2017-S7725 (ACTIVE) - Summary

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

2017-S7725 (ACTIVE) - Sponsor Memo

2017-S7725 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7725
 
                             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
 
   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;
   (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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