senate Bill S7724

2017-2018 Legislative Session

Relates to the creation of the digital currency task force

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Banks Committee


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

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Actions

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

Co-Sponsors

S7724 (ACTIVE) - Details

Current Committee:
Senate Banks
Law Section:
Financial Services
Versions Introduced in 2019-2020 Legislative Session:
S4593

S7724 (ACTIVE) - Summary

Creates the digital currency task force to provide the governor and the legislature with information on the potential effects of the widespread implementation of digital currencies on financial markets in the state.

S7724 (ACTIVE) - Sponsor Memo

S7724 (ACTIVE) - Bill Text download pdf


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

                                  7724

                            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 Banks

AN ACT to establish the digital currency task force

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  The department of financial services is hereby authorized
to establish the New York state digital currency task force  to  provide
the  governor  and  the  legislature  with  information on the potential
effects of the widespread implementation of digital currencies on finan-
cial markets in the state.
  § 2. The task force shall be comprised of:
  a. two members appointed by the governor;
  b. two members appointed by the temporary president of the senate;
  c. two members appointed by the speaker of the assembly;
  d. one member appointed by the minority leader of the senate;
  e. one member appointed by the minority leader of the assembly; and
  f. two members appointed by the superintendent of  the  department  of
financial services.
  § 3. The task force shall:
  a. examine and evaluate digital currencies within the state;
  b.  identify the potential effects of the widespread implementation of
digital currencies on financial markets;
  c. review the impact of the department's BitLicense program on the use
of digital currencies; and
  d. make recommendations to further utilize digital  currencies  within
the state.
  § 4. Such task force shall collaborate with state and city of New York
agencies  including,  but not limited to, the department of taxation and
finance and the department of finance of the city of New York.
  § 5. The department of financial services shall submit a report, on or
before January 1, 2019, to the governor and the legislature of its find-
ings, conclusions and recommendations, and  legislative  and  regulatory
proposals deemed necessary to implement such recommendations.
  § 6. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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