NY A08783

Establishes the New York State Digital Currency Task Force consisting of nine members appointed by the governor (3), temporary president of the senate (2), speaker of the assembly (2), minority leader of the senate (1), and minority leader of the assembly (1).

Task force members receive no compensation but are reimbursed for actual and necessary expenses incurred in performing their duties.

Requires the task force to submit a comprehensive report to the governor and legislature by December 15, 2019, including reviews of Department of Financial Services regulations, digital currency market data, energy consumption of mining operations, tax impacts, and regulatory approaches used by other jurisdictions.

Report must address transparency concerns, market manipulation risks, consumer protections, and provide legislative and regulatory recommendations regarding cryptocurrency and digital currencies.

Act expires December 15, 2019, upon which all provisions are automatically repealed.