|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Feb 02, 2018||referred to governmental operations|
assembly Bill A9685
Archive: Last Bill Status - In Assembly Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
Luis R. Sepúlveda
A9685 (ACTIVE) - Details
A9685 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9685 I N A S S E M B L Y February 2, 2018 ___________ Introduced by M. of A. VANEL -- read once and referred to the Committee on Governmental Operations 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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