An announcement made on Facebook on 3rd Jan by an assemblyman of the New York State (NYS) legislature saying that the state has built nation’s “first” cryptocurrency task force.

An NYS Assemblyman and Chair of Subcommittee on Internet and New Technologies, Clyde Vanel quoted New York becomes the first state in the United States to form a cryptocurrency task force which aims to study the regulation, use, and definition of virtual currency. The governor Andrew Cuomo on Dec signed the bill dubbed “The Digital Currency Study Bill” into law. 21, 2018.

The committee of banks of NYS legislature voted for the bill to create a digital currency task force back in June. Technologists, consumers, investors, blockchain companies and academics were appointed by the governor, Senate as the members of the task force. This assembly will have to submit the reports by Dec 2020. The report will convey the result of imposed regulations on the advancement and development of blockchain technology as well as virtual currencies in the nation. The assembly will also study the use of digital assets’ effects on local tax & transparency of the cryptocurrency sphere.

Tech: NYC is a nonprofit organization representing New York City tech companies. Julie Samuels, executive director of Tech: NYC quoted, “cryptocurrencies and blockchain technology will, without a doubt, greatly impact finance and many other industries across the globe for years to come”passing judgment on the initiative.

“New York leads the country in finance. We will also lead to proper fintech regulation. The task force of experts will help us strike a balance between having a robust blockchain industry and cryptocurrency economic environment while at the same time protecting New York investors and consumers.” stated by Vanel.

Many other states of U.S have also introduced legislation to build regulatory bodies to analyze the impact of the blockchain & crypto industry in the economy of the state. Dannel Malloy, governor Connecticut agreed and signed SB 443 into law. According to this law, a group was established to study blockchain technology. It also set the deadlines for researching and publishing a report on the possible use of crypto in criminal activities.