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NY S04728
Bill
Status
4/28/2025
Primary Sponsor
James Sanders
Click for details
AI Summary
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Establishes a 16-member New York State Cryptocurrency and Blockchain Study Task Force within the Department of Financial Services to examine the effects of widespread cryptocurrency and blockchain technology use in the state
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Task force membership includes the DFS Superintendent, DEC Commissioner, Tax Commissioner, State Comptroller, Attorney General, plus appointees from the Governor, Senate President, and Assembly Speaker representing financial services, environmental conservation, academia, and cryptocurrency industry
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Members must be appointed within 90 days of the act taking effect, serve without compensation but receive reimbursement for expenses
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Task force must submit a report by December 15, 2027 covering: industry review, market data on digital currencies and exchanges, tax impacts, energy consumption and environmental effects of mining operations, potential for market manipulation, and comparison of other jurisdictions' regulations
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The act expires and is repealed on December 15, 2027
Legislative Description
Establishes the New York state cryptocurrency and blockchain study 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 limited to blockchain technology, in the state.
Last Action
SUBSTITUTED BY A3279A
6/4/2025