New York is taking cryptocurrencies and the cryptocurrency market very seriously and that is evident by the fact that the state is all set to launch a cryptocurrency task force that will establish formal cryptocurrency rules in order to strengthen the more general use of cryptocurrencies.
In another signal that proves that crypto tokens will stay, the New York State Assembly proposed launch of a nine-member task force to test the growing blockchain industries and cryptocurrency in the state. The task force, if approved will hand over a detailed report of their findings by December 2019, as per the May 30 meeting summary.
The aim of setting up a task force is to study how the implementation of cryptocurrencies will affect the financial stability of the market in New York State. This goes on to prove that lawmakers are sure that cryptocurrencies will play a significant part in the progress of financial markets in spite of industry skeptics who claim that this is just a boom, and will collapse soon.
In April 2018, the New York State Attorney General’s Office in April 2018 opened up an inquiry into cryptocurrency exchanges by sending a list of questionnaires to 13 major exchanges, and that included Gemini, Binance, and Coinbase.
Task force to seek critical answers
The task force will analyze the cryptocurrency market and determine the following:
1. Number of cryptocurrencies traded at this moment and the percentage of their market share
2. Number of crypto exchanges currently operating in New York State and their average monthly trading volume
3. The affect of digital currency use on state and local tax receipts
4. The biggest investors in digital currencies
5. Amount of energy required to mine crypto
6. Transparency of the crypto marketplace and the potential for price manipulation
7. Crypto laws of other states, the federal government, and foreign countries
8. Way to improve market transparency and consumer protection
9. New York’s plan to address long-term impact of cryptocurrencies
The decision by New York State to set up a crytocurrency task force to analyze the cryptocurrency market is proof enough that crypto is here to stay. Let us know your thoughts in the comment box below.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]