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.
              

                                                            LBD14594-01-8

 S. 7725                             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.