The New York State Senate

                    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.

                                                           LBD14594-01-8

A. 9685                             2

  (v)  one member appointed by the director of the office of information
technology services.
  b.  One of the appointments by the governor shall serve as chairperson
of the task force.
  c. The members of the task force shall  receive  no  compensation  for
their services, but shall be allowed their actual and necessary expenses
incurred in the performance of their services.
  d.  All  departments,  divisions,  bureaus,  commissions, districts or
agencies of the state or any political subdivisions  thereof  shall,  at
the request of the chairperson, provide the task force with such facili-
ties, assistance and data as will enable the task force to carry out its
powers and duties.
  § 3. This act shall take effect immediately.