senate Bill S4562

2019-2020 Legislative Session

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

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Finance 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
Mar 14, 2019 referred to finance

Co-Sponsors

S4562 (ACTIVE) - Details

See Assembly Version of this Bill:
A1427
Current Committee:
Senate Finance
Law Section:
Commissions
Versions Introduced in 2017-2018 Legislative Session:
S7725, A9685

S4562 (ACTIVE) - Summary

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

S4562 (ACTIVE) - Sponsor Memo

S4562 (ACTIVE) - Bill Text download pdf


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

                                  4562

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                             March 14, 2019
                               ___________

Introduced by Sens. PARKER, SEPULVEDA -- 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;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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