S 3801: Creates the digital currency task force to provide the governor and the legislature with information on the potential effects of the widespread implementation of digital currencies on financial markets in the state.
The state of New York is establishing a Digital Currency Task Force to provide information on the potential effects of digital currencies on financial markets. The task force will be comprised of 10 members, including representatives from the governor, senate, assembly, and department of financial services. The task force will examine and evaluate digital currencies, identify their potential effects, review the impact of the department's BitLicense program, and make recommendations to further utilize digital currencies within the state. The task force will collaborate with state and city agencies, including the department of taxation and finance, and the department of finance of the city of New York. A report will be submitted to the governor and legislature by the department of financial services by January 1, 2027, outlining the task force's findings, conclusions, and recommendations,…
| Jan. 07, 2026 | REFERRED TO INTERNET AND TECHNOLOGY |
| Jan. 30, 2025 | REFERRED TO INTERNET AND TECHNOLOGY |
STATE OF NEW YORK ________________________________________________________________________ 3801 2025-2026 Regular Sessions IN SENATE January 30, 2025 ___________ Introduced by Sens. PARKER, SEPULVEDA -- read twice and ordered printed, and when printed to be committed to the Committee on Internet and Technology AN ACT to establish the digital currency task force The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The department of financial services is hereby authorized 2 to establish the New York state digital currency task force to provide 3 the governor and the legislature with information on the potential 4 effects of the widespread implementation of digital currencies on finan- 5 cial markets in the state. 6 § 2. The task force shall be comprised of: 7 a. two members appointed by the governor; 8 b. two members appointed by the temporary president of the senate; 9 c. two members appointed by the speaker of the assembly; 10 d. one member appointed by the minority leader of the senate; 11 e. one member appointed by the minority leader of the assembly; and 12 f. two members appointed by the superintendent of the department of 13 financial services. 14 § 3. The task force shall: 15 a. examine and evaluate digital currencies within the state; 16 b. identify the potential effects of the widespread implementation of 17 digital currencies on financial markets; 18 c. review the impact of the department's BitLicense program on the use 19 of digital currencies; and 20 d. make recommendations to further utilize digital currencies within 21 the state. 22 § 4. Such task force shall collaborate with state and city of New York 23 agencies including, but not limited to, the department of taxation and 24 finance and the department of finance of the city of New York. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD07640-01-5S. 3801 2 1 § 5. The department of financial services shall submit a report, on or 2 before January 1, 2027, to the governor and the legislature of its find- 3 ings, conclusions and recommendations, and legislative and regulatory 4 proposals deemed necessary to implement such recommendations. 5 § 6. This act shall take effect immediately.