Senate Bill S5042

2021-2022 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

Archive: Last Bill Status - In Senate Committee Finance Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-S5042 (ACTIVE) - Details

See Assembly Version of this Bill:
A3860
Current Committee:
Senate Finance
Law Section:
Commissions
Versions Introduced in Other Legislative Sessions:
2017-2018: S7725, A9685
2019-2020: S2506, S3465, S4562, A1427
2023-2024: S6134, A2599

2021-S5042 (ACTIVE) - Summary

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

2021-S5042 (ACTIVE) - Sponsor Memo

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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