S T A T E O F N E W Y O R K
________________________________________________________________________
4728
2025-2026 Regular Sessions
I N S E N A T E
February 12, 2025
___________
Introduced by Sens. SANDERS, WEBB -- read twice and ordered printed, and
when printed to be committed to the Committee on Banks
AN ACT in relation to establishing the New York state cryptocurrency and
blockchain study task force; and providing for the repeal of such
provisions upon expiration thereof
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Short title. This act shall be known and may be cited as
the "New York state cryptocurrency and blockchain study act".
§ 2. There is hereby established the New York state cryptocurrency and
blockchain study task force (hereinafter referred to as "the task
force") to provide the governor and the legislature with information on
the effects of the widespread use of cryptocurrencies and other forms of
digital currencies and their ancillary systems, including but not limit-
ed to blockchain technology, in the state.
§ 3. 1. The task force shall consist of seventeen members as follows:
a. seven members appointed by the governor, which shall include the
following five members:
i. the superintendent of the department of financial services, or such
superintendent's designee;
ii. the commissioner of the department of environmental conservation,
or such commissioner's designee;
iii. a representative from the financial services industry;
iv. a representative from a state or national organization promoting
environmental conservation; and
v. a representative who is a faculty member of an accredited college
or university in New York state with experience in economic studies.
b. the comptroller of the state of New York, or the comptroller's
designee;
c. four members appointed by the temporary president of the senate;
d. four members appointed by the speaker of the assembly; and
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06929-01-5
S. 4728 2
e. the attorney general of the state of New York, or the attorney
general's designee.
2. To the extent practicable, members appointed to the task force
shall have relevant experience and knowledge concerning the digital
currency, cryptocurrency and blockchain industries.
3. 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 duties pursuant to this act.
4. Any vacancies in the membership of the task force shall be filled
in the same manner provided for in the initial appointment.
5. The task force may consult with any organization, government enti-
ty, or person, in the development of its report required under section
four of this act.
6. The members of the task force shall be appointed no later than
ninety days after the effective date of this act.
§ 4. On or before December 15, 2027, the task force shall submit to
the governor, the temporary president of the senate and the speaker of
the assembly a report containing, but not limited to, the following
information based on available data:
a. a review of the digital currency, cryptocurrency and blockchain
industries in New York state;
b. the number of digital currencies currently being traded and their
approximate percentage of market share;
c. the number of exchanges operating in New York state and their aver-
age monthly trade volume;
d. the use of digital currencies' impact on state and local tax
receipts;
e. the types of investment entities that are large investors in
digital currency;
f. the energy consumption necessary for coin mining operations and
other policy considerations related thereto;
g. the environmental impact of coin mining operations;
h. the transparency of the digital currency marketplace and the
related potential of market manipulation and other illegal activities;
i. a review of laws and regulations on digital currency used by other
states, the federal government, foreign countries, and foreign political
and economic unions to regulate the marketplace; and
j. legislative and regulatory recommendations, if any, to increase
transparency and security, enhance consumer protections, and to address
the long-term impact related to the use of cryptocurrency.
§ 5. This act shall take effect immediately and shall expire December
15, 2027 when upon such date the provisions of this act shall be deemed
repealed.