Assembly Actions -
Senate Actions - UPPERCASE
|Jan 05, 2022||
referred to finance
|Feb 22, 2021||
referred to finance
Senate Bill S5042
2021-2022 Legislative Session
Archive: Last Bill Status - In Senate Committee Finance Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2021-S5042 (ACTIVE) - Details
2021-S5042 (ACTIVE) - Sponsor Memo
BILL NUMBER: S5042 SPONSOR: PARKER TITLE OF BILL: An act to establish a task force to study the impact of a state-issued cryptocurrency on the state of New York PURPOSE OR GENERAL IDEA OF BILL: Establishes a task force to study the issuance of a state-issued crypto- currency in to raise revenue New York State. (NYcoin) SUMMARY OF PROVISIONS: Section one establishes a task force to study the impact of cryptocur- rencies, defines cryptocurrency and delineates the study parameters. Section two establishes that the task force will be comprised of ten members, appointed by the governor, temporary president of the senate, speaker of the assembly superintendent of the department of financial
2021-S5042 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5042 2021-2022 Regular Sessions I N S E N A T E February 22, 2021 ___________ 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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