Senate Bill S7920

2023-2024 Legislative Session

Relates to the creation of the digital currency task force

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Internet And Technology 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

co-Sponsors

2023-S7920 (ACTIVE) - Details

Current Committee:
Senate Internet And Technology
Law Section:
Financial Services
Versions Introduced in Other Legislative Sessions:
2017-2018: S7724
2019-2020: S4593
2021-2022: S5044

2023-S7920 (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.

2023-S7920 (ACTIVE) - Sponsor Memo

2023-S7920 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7920
 
                             I N  S E N A T E
 
                              January 3, 2024
                                ___________
 
 Introduced by Sens. PARKER, SEPULVEDA -- read twice and ordered printed,
   and  when  printed  to  be  committed to the Committee on Internet and
   Technology
 
 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, 2025, 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
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.